Conqueror needs to have it's true damage replaced with armor pen.
True damage is obnoxious and shouldn't be available in consistent manners. It completely invalidates resists and makes health the main stat to go for. It doesn't feel good facing a fighter as a tank when they have conqueror which is to be expected but it also doesn't feel good to face anyone with conqueror as anything other than a fighter because of the stats they gain. Pen could do what the true damage does but not completely invalidate resists.
Also why not make it adaptive instead of just AD? AD champs have more than enough toys when comparing them to AP champs and only a hand full of AP champs could use it effectively anyways.
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active, more than he would do with it inactive due to the damage being converted to true damage before the 60% damage nerf has a chance to mitigate it)