New Frozen Mallet Passive

So, Frozen Mallet. We all know it, and most of us know how Riot feels about it. They don't like it for its permaslow and lack of interaction; you auto-attack and get the slow, simple as that. If you don't have a means of peeling your opponent or putting distance, you're absolutely screwed. Riot has talked about simply removing Frozen Mallet from the game, but I have my own ideas as to how Frozen Mallet can be made a non-toxic item, more open to interaction and countering. And here they are:

1. Hypothermia: Basic attacks add a stack of Icy to the opponent for 2 seconds, stacking up to 6 times. Upon reaching 5 stacks the opponent is inflicted with a 50% slow for 1.25 seconds and all Icy stacks are consumed. The target cannot have Icy applies to them for 6 seconds afterwards. Icy can only be applied to one target at any time.
2. Ice Veins: Basic attacks add a stack of Icy to the opponent for 2 seconds, slowing the opponent by 25% for 0.75 seconds. Upon reaching 6 stacks of Icy all stacks are consumed and the opponent is damaged for 5% of your bonus Health. Afterwards Icy cannot be applied to the target for 7 seconds. Icy can only be applied to one target at any time.

Both passives remove the permaslow aspect of Frozen Mallet, but at the same time retain its ability as a soft-CC chasing item for bruisers and tanks. The counterplay comes in that you simply need to evade the attacker for a short period before the stacks are refreshed. If you fail to do that, however, you can still escape after the fact thanks to the brief stack immunity that comes after the fact. It also requires the one using the item to be dedicated in chasing the target, allowing for teammates to assist in chasing down the target (ally team), or peel the attacker off with CC or simply being a distraction (enemy team). Finally, it gives fighters and tanks who build almost solely health a means of periodic damage spiking without being a constant source of damage amplification (ala Atma's).

So, what do you guys think? Is this something Riot should look into considering? Does it still need work? Or does it just utterly fail?