Here's how I play the Fist (very similar to original paperwork, modified for 4.0 compatibility:
1) Range: Treat as Large projectile (as per Giant sling bullet), magical, range 50 feet (10 squares).
2) Yes, disintegrates and reforms after each USE, hit or miss (DC 20 to avoid, pre-modified. It WILL find your vulnerable spot...)
3) Standard spell resistance applies. DC same as equivalent spell. For spells that deal damage, DC for half, per spell,AFTER all mods applied.
Intelligent artifact, align: CG, HP:15, Hardness 10.
BTW, own one (original, w/box & paperwork), bidding on 2nd on eBay.. Custom designed 'mini' version (only have 1 left, other 9 went to friends Gary [Gygax], Zeb [Cook] and others. Yes, THAT Gary Gygax. We've been friends since 2001. Carolina Con 1.)