The way it's written, it sounds like anything touching the item at all can wipe the stuff off. That severely limits what you can do except in a very controlled setting, and since you can't use anything less than 750gp worth, there's not much I can think of to use it for. In fact, I wouldn't even use it for what it's intended: a scroll of invisibility works on objects just fine, lasts for 3 minutes, and costs 150gp. An oil version would cost 300gp. Either way, the weapon can't attack, so the invisibility doesn't wear off until the spell expires. It probably shouldn't give you more than one attack against the same person, but Bladeshimmer is just ridiculously overpriced.