Errr when I mentioned Damage I meant does it do light, medium, or heavy damage but I'm going to go with it causing light damage.
As for how many times it can be used lower it to 3 shocks from the weapon in total not three per glove, you are getting light damage spell attack for free you know with this sort of thing. As for cooldown time if you do what I ask you only need a 1 post cooldown before you can shock again.