Yeah, from a RMSS and RMU standpoint, +5 seems more appropriate for the 1st level spell if you can save the benefit for later (it doesn't have to be cast during combat). I would also change the class to Utility for the beneficial spells on the list.
On the other hand, I think the penalties are too small for Cutting Note, considering the target gets an RR and the range is pretty short. Taken as a whole, the weak offense might balance out the fairly potent boosts to make an ok list as you have written it. Or you could increase the penalties for Cutting Note (by 3x to 4x I think), or keep them at the listed levels but they last as long as the bard is playing, etc.