Hmm. This penalizes the character for taking these feats as soon as possible (M A&A is delayed 2 levels, Wand is delayed 4, Rod 2, and Staff again 2).
Also, you give 4 specific item crafting feats, plus another 3 of any you like, and you require 4 to enter. That's 11 item creation feats... that's an awful lot. Especially considering how many item creation feats require other forms of "casting" (incarnum, psionics, etc), you're likely to end up taking rather weak feats. Which may not be the end of the world, since 7 bonus feats is a lot, and item crafting is rather feat-intensive anyway, but still... I dunno, it strikes me as stretching things just to find feats to take.
Yeah, and cost one 3 levels and the other 7. One thing you might consider is doing something similar to what I did with Cerebremancer - have less than perfect advancement on each side, but allow earlier entry and make a capstone that allows them to continue advancing both.