Same as the normal lich, its basically a variant lich.

It gains a few abilities, but I also think it loses several abilities the normal lich has such as the paralysis.

Probably would have been made a deathless instead of an undead, if the deathless type existed at that time. And being Deathless is generally considered being worse than being undead. If you make it deathless, might even be able to drop the LA down to +3, but don't quote me on that.