How broken/underwhelming would this item be?

I had this saved in a notepad file, probably something I brainstormed at some point.

Claw of the Watchers

Tiamat + Giant's Belt + 400 = 3300

+500 Health +100% Base Health Regen +45 Attack Damage

_ Unique Passive - Cleave:_ Basic attacks deal Physical Damage up to 60% of your Attack Damage to units around your target (185 range), decaying down to 20% near the edge (385 range). The attack target and enemies damaged by Cleave are Slowed for 1 second, with the Slow scaling from 15% around your target down to 5% near the edge.

Unique Active - Crescent: Deals Physical Damage up to 100% of your Attack Damage to units around you, decaying down to 60% near the edge, and Slows all enemies within range by 35% for 2 seconds (400 range, 10 second cooldown).

(Unique effects are melee-only. The slowing effects are treated as Icy and don't stack with Iceborn Gauntlet.)

Hypothetical Frozen Mallet rework and alternate version of Hydra, basically. It provides bulk and utility instead of Hydra's damage and sustain.

The passive slow is relatively minor, with the more powerful slow being on the active. The active slow doesn't scale down with proximity, though, so that it's not as underwhelming against ranged enemies.

The stats are a little over 100% cost-efficient before factoring in the passive/active.