At question is not the fact that there's an "S" in the spell requirements list, but that the text actually says that the ray "srpings from your hand". To be perfectly honest, if I was GMing D&D, I'd allow ray type spells to be fired from whatever body part the caster wanted, as long as they meet the other requirements for casting the spell. At the end of the day, that's a purely cosmetic difference and I don't care about it one bit.
I doubt Rich does either.
Yeah. My assumption is that the only effect from the starmetal itself is the +5 bonus, and the occasional green glow that does extra damage to undead. The other effects (like healing up Roy, and returning to his hand), are from it being a Weapon of Legacy.