The infinite torches are nice, the pickaxe gives you haste also it seems. Depending on your set up, the diamonds and gunpowder might be hard to come by. If you have a quarry, then this pickaxe is nothing big, since resources become a waiting game. If you are digging a long stripe mine, you have to be really careful with silverfish since they one hit KO you in full armor.
A neat find, TiCo items are not destroyed in Lava, i found out from a silverfish killing me while i was next to lava at the time.