Sorry for missing this and not replying sooner!
Indeed, this was for an RMFRP campaign, currently in as a Player.
Will check on citing info re:page and book.
Good sleuth work on checking RM2 and apologies I didn’t catch this post at the time to head you off at the pass.
BRB.
EDIT:
YUP, my bad. RMFRP Treasure Companion, Page 40 under header Level:
“An item’s level is the highest level spell used in creating the item. This measure has several effects. It determines the duration and effects of the spells it that are imbedded in it. When determining bonuses for Base Attack Rolls (and Elemental Ball Attacks), the item’s level is treated as the number of ranks in the spell list...
...
It is treated as the number of ranks of the Directed Spell skill (using the category progression) that an item has as a bonus to any bolt spells placed in it.“
So, not 5/2/1/.5/0 but 3/ and getting worse from there.
Sorry for the confusion of bleeding RMFRP into RM2, all. I think I got excited noting free Dir. Spell boni for Bolt Spell Magic Items, as a Player, and lost my sense of RM versioning!