Grievous Wounds
There's been numerous posts/rants/complaints about this, but I think it topic deserves to be stressed. I'm not sure why this has been such a difficult issue to balance correctly, but I know there's a solution here.
First off, having a Grievous Wounds option to purchase is absolutely necessary. There has to be counter play for healing, especially if the enemy team stacks heals. Imagine a team with Mundo, Soraka, and Swain....that healing would be toxic.
Here's the flip side though: purchasing Grievous Wounds should be a meaningful choice. No way should any Grievous Wounds item be considered part of any champions core build. This has been the problem with Morello's this season, and will be the problem with the new AD item, Mortal Reminder. An item that is cost efficient without even counting the Grievous Wounds effect is clearly too powerful against champions with healing mechanics.
Considerations for balance: If you buy a Grievous Wounds item into a team with healing, it should give a slight advantage over the champions with a healing mechanic. It should not be a double whammy of massively reducing the enemy's power, and massively increasing your own. There should also be some inherent play-around, such as Morello's effect only applying to low health enemies. The AD item should probably be set up as an accruing stack effect, and only on primary target. If you buy a Grievous Wounds item into a team with no healing mechanic, you should be at a significant disadvantage compared to your foes. i.e. very few stats, wasted gold on a useless passive.
With this in mind: Lifesteal should be balanced against no Grievous Wounds. Should create a Marksmen item that mitigates Grievous Wounds slightly in order to maintain some lifesteal. Something specifically for Marksmen, like an attack speed item, which would not be useful to the most notorious healers. Also, would be a situational purchase, and not a mandatory core build item. Champions with healing mechanics can then be properly balanced (and generally strengthened to highlight their healing more) since there will be effective, but not overbearing, counter play available.
TL:DR - Grievous Wounds items are a necessary counter to stacked healing, but should be situational purchases only, with a meaningful choice/sacrifice in offensive power and never part of a core build.