Pretty good! I'm not sure how much that +2 to initiative ranks, power-wise, but it seems fine. Have you considered maybe having someone in your campaign have the another, matching ring? Not sure what the effect of them meeting in battle would be, maybe something silly like mutual enchanting effects? This is sounding like a fey item, to me.
The ring is for a dex character so jumping from a +5 to a +7 isn't any more silly at this point. The ring is actually orc themed since I stole the movement part of the ability straight from the monster description also i wasn't planning on pairing it, but upgrading it to a ring of cleaving (still orc themed, and punny for the dual meaning of cleave) when he actually gets married. Still working on that one though.