I love the forbidden rod. It adds d6 dice to the power pool and the user has to take d3 wounds. I normally run it one of two ways. The first is to take a sacrificial skink priest and outfit him with the amulet that grants a 4+ to the first wound. This guy's only purpose is to die for the rod. If he survives, good. If not, no big loss. The other way to use this item is to take it on a Life Slann. That way, you can heal the wounds you take.
I have been using the skink priest (lvl1, of course) for almost a year now and it has only killed my priest a few times. Occasionally you will roll a 1 or 2 for the dice, but those have been rare for me as well. Couple this item with Rumination and it is awesome.
Another option would be a dual slann list with a Death slann and a Life slann. Take the rod on the life slann and put cupped hands on the death slann. Then use the death magic to increase your pool of dice. This is a little tricky though.