Hey, if a part of the name is in latin, why not the whole thing? "Corona Ampli Ateris Iridis" if I am correct... I may check the dictionary. I pretty much doubt that Nyarlathotep or whatever would speak in latin. I mean, can you imagine Cthulu coming to claim your soul saying "Pacta sunt servanda" ?
Now, Capt'n and Agar have said it plainly enough, but still I must add: I have no idea what a 'Tome and Blood' is. A d20 supplement I suppose. Now, I own the Player's Handbook... and that's it. I have no idea whether and alienist is someone like Ripley, or Mulder, or a girl who is into tentacle sex (you forgot to add that the +2 charisma bonus applies to kinky girls and boys as well,by the way).
This is another item that makes you want it, to keep it, and drives you mad. And costs your soul. It is not bad though. Go to Comment
All in all, this is a decent item, though I am familiar enough with D&D that the details are not a problem. It relies too heavily on system specifics to describe its powers.
The Outsiders Drag Away part I would replace with Outsiders _try_ to drag them away, which would be much more interesting. They might in fact try multiple times until some great confrontation. I would also cause just about all knowledge, spells, etc, gained from this item to be tainted or otherwise problematic. Yes they work, and yes they are powerful, but there are unfortunate side effects to their use.
The characters are given the task of transporting a flask of highly volatile liquid a long distance. The flask cannot be shaken too much or it will explode. The adventure involves stormy sea-voyages, bumpy cart rides through densely populated towns and horseback combat. In short there are many opportunities for it to break and explode.