I think it is perfectly balanced the way it is. Since it doesn't really mine or do as much damage as iron which is VERY common and is made out of a ton of iron and a few diamonds. I would like it to give a shock of electricity off depending on if it is charge or not. Make it so 5(maybe more) redstone is enough charge for either a few hearts of extra damage, ability to act like a redstone current, activate to mine faster(for example, instead of mining a stone block at stone speed, mine it at iron speed for a certain number of blocks) or something along those lines. Making it so it'll either take the redstone from your inventory when you use it or adding redstone to it through crafting.
I am looking forward to this mod though. I loved playing those games.