What are the chances of it restoring your health, and how much does it restore?

Taking a look at Konahrik in the ck will tell you. In the mean time: http://www.uesp.net/wiki/Skyrim:Konahrik

id look in the ck if I could, but I play on Xbox, and I checked the uesp but I never saw any specifics of the chance % or the health restore amount. Thanks though. :/

If you don't find that the health enchantment is reliable, you can get a decent one from the Restoration perk Avoid Death.

You get that perk at level 90. I'm not sure about you, but in my history of Skyrim, I've only gotten Restoration to 100 two times.

Apparently, the effects are random, if you wanted an enchanted object that always delivers the same amount of effects, Konahrik is not for you.

well I do like random, I just like knowing how things work slightly more

AGH I can't wait to get off work as collect the rest of the masks