Don't forget that the regeneration of the baron buff has been removed. Back than this was 15 Mana regeneration/5 seconds. This is one of the reasons why mana aura's whould been to strong before the baron changes. Not to mention now with the percentage changes the aura would be a lot more healthy than the previous seasons.
I could see this item work on support, midlaners and even some AP bruisers. The armor could be brought down to 70 but I wouldn't bring it down any further. From what I have experienced with other aura items. You need some kind of defensive stats to sustain long enouge to make use of the aura.
For the aura itself, maybe it can be reduced to 75% Base Mana Regen.