I think it's ok for the nature of the item. Maybe I'm wrong, but I don't believe that effects are given out from surprise boxes and the like. The fact that it is a cape, although inconsistent with the appearance of the item (which I do agree matches…
I usually have it easiest using the 3rd rope from the left. I am usually able to simply rush upwards for about 75% of the time (with some little pauses in case of lasers), tank a couple of hits, and make a couple of dodges