NO!!, you get it for reliable slows, as much as i hate the permaslows, there would be no reason to buy the item anymore.
A down time might work alot better
Like you can't slow the same target more then once every X seconds could even me more seconds based on melee vs ranged.
Even the strength of slow can be altered in melee vs ranged.
More balance levers for the slow mechanic
Another option is to make these items have different stats.
i like the base damage component on mallet for example, makes it better for its intended users vs those who shouldn't really grab it.
Since both items are defensive options there is also the option to double down on that and sacrifice alot of their offensive power for it.
Like ill take rylai's for example if it had different stats it be way more niche as a defensive option
Something like this for example
400 hp
25hp/5
40 ap
Duying it as first or second or will not really help your dps or burst much at all but would give a good defense and help you sustain when besieging your enemy.
Similarly mallet could also be more defense focused by giving it regen or something else possibly
ok those where my ideas