So what uses did you find out for this item? The cluebook mentions only that's it's a mysterious artifact, and give out one of its uses. I've got 2 so far, one good and one bad.
_Eradicates player holding it when using Quatloo coins in slithercult dungeon.
_Artifacts at (8,8) in E2.
Is there any more to it?
I suggest that you only use it to get the powerful treasure from a hut near Swamptown. Using it at other times may prove detrimental - the one you mention also if you drink from a luck fountain in the desert while holding Fizbin, everybody dies. I did not mess with it to find out what other dire effects may arise but I would be careful.