Augmented dyed equipment do not feature the cogs associated with most augmented items (they look identical to non-augmented versions). Disassembling augmented dyed items does not return the dye. Dying in unsafe player-versus-player (PvP) combat with this item drops a broken Wand of the praesul - the dye, augmentor, and gizmos are lost.
Weapon gizmos charged with perks can be used to enhance the item's abilities. As a main hand slot item, the Augmented Wand of the praesul (Third Age) can hold 1 gizmo, allowing up to 2 perks.
Using this item in combat can gain experience to increase its level. Levelling the weapon will have no effect on its ability in combat, but it will improve the experience and materials gained for disassembling it.
Your current drain rate for a tier 92 main-handed weapon is given by the following table. It depends on your current reduction researched, the item level, and Efficient/Enhanced Efficient perk presence.