Provide a detailed and clear description of feature or change that you want to offer.
Make it so that, instead of swarming the player with phantoms every chance it gets, the ring of seven curses only does so when the insomnia timer indicates that it should, I.E. when phantoms would normally spawn in Vanilla. Possibly fix it so that beds don't change the insomnia timer when ring of seven curses is equipped, if unsuccessfully attempting to sleep affects the insomnia timer.

Describe why you want this. If there's a reason.
Even with the upcoming feature to counter the curse of insomnia, other mods mean there may be other options for dealing with insomnia. One of the abnormals mods adds a potion which resets the insomnia timer, Farmer's Respite coffee has a caffeine effect which suspends insomnia while it lasts, and biomancy has the insomnia cure serum which resets the insomnia timer as if you had just slept, without actually having any of the other effects of sleeping. That, and even with the fact that the ring of seven curses is supposed to be masochism mode, it might be nice to not get immediately bitten to pieces by demonic bats on the first night in a new world.
And honestly I'm a little bummed that after spending weeks bending primordial flesh to my whims and creating a series of living flesh-construct abominations to formulate distilled essence of Things That Should Not Be as a means to create a concoction for finally defeating the effects of my blasted insomnia, only to still be very much attacked by phantoms after injecting a loooot of said concoction.

I'll work on this in 1.20.