I had an interesting concept idea for a tool material known as Vitalium. What is Vitalium you ask? Let me explain.
Vitalium does not come in an ore. It is a material manifested by sacrificing two things: Your life force and your Experience. Through channeling those two things into an Vampiric Altar, you can obtain a type of Vitalium. There are three kinds of Vitalium. From weakest to strongest: Indigo, Purple, and Magenta.
Indigo Vitalium is as powerful as wood, but half as durable.
Purple Vitalium is as powerful as stone, but half as durable.
Magenta Vitalium is as powerful as iron, but half as durable.
"Okay so whats the big deal here?" you might be asking. Well, Vitalium, being created from life and strength essences has as much enchantability as Gold, if not more(To your discretion). Vitalium also has some elasticity allowing you to make bows out of it, which is probably not so useful since there are no bow enchantments(yet).
The Vampiric Altar would be made in the same fashion as the enchantment table, save that instead of using obsidian, you're using gold blocks.
So how do you use the Vampiric Altar?
When you right click it, you will be greeted with an interface. There are two buttons to press, along with two number sliders. The way the Vampiric Altar works is that it will never take all of your health. If you have ten hearts, it'll only allow you to give up 9. You also need to sacrifice a fair amount of experience levels to make a single ingot. So lets look at the values.
Indigo: 3 hearts, 3 experience levels per ingot.
Purple: 6 hearts, 9 experience levels per ingot.
Magenta: 9 hearts, 15 experience levels per ingot.
If you want a Magenta Vitalium anything you're going to be visiting the Vampiric Altar often.
BUT WAIT! WHY DON'T YOU HAVE SOMETHING AS POWERFUL AS DIAMOND?!?! I WANT FREE DIAMUNDZ!!!
No. You're getting a very powerful combination. With the right enchantments a Magenta Tool with the best enchantments possible can be far more efficient that a Diamond one with the best enchantments possible. Having Red Vitalium be crafted in the Vampiric Altar would be overkill.
Maybe you can find some Red Vitalium in Nether Fortresses? They'd be exceptionally rare, and considering that the Nether is essencially hell, it certainly has enough life energy (of the lost souls that wander it) to spare.