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I'm always a fan of combining a great many accessories into other accessories, myself. The more, the merrier. Sometimes five accessory slots just aren't enough. Heck, I always run with 11. 5 from the Antisocial mod and 6 from the Cheat Sheet mod. 11 slots is usually enough. Heheh.
IMHO, if people go too far with combining various items into a single accessory and ruin their fun by being too overpowered, it's their own fault for lacking discipline.
A bit of nitpicking, but you should use the Tinker's Workbench instead of an anvil, that crafting station is more in-tune with combining accessories. (People also tend to use Demon Alters for this as well)
Nice presentation here though for just a single item, in-detail and all.