I worked with some ideas myself about a Teemo rework. I was thinking, he would be very interesting if reworked into a support role similar to Ivern, where his role actually was more about scouting and vision and protecting against ganks. Peering down lanes, revealing sections of jungle, or even blocking off certain paths with harmless pitfalls rather than damaging mushrooms, so that any opponents trying to escape through jungle would be hit by a stun instead of damage. I think he'd make a really loveable and endearing scout champ who people want to root for as the Little Guy Who Could.
I know what you mean about him being hard to play toward effectiveness. Just today, I was playing among low level accounts, and somehow at a low account level, Teemo's abilities make him stand out as a monster on the field - probably since everyone's MR is so low at that point and a lot of players just follow the recommended build paths so they get obliterated by Teemo's darts and then go on to join the bandwagon that calls Teemo 'Satan' even when for real players, Teemo is easy enough to handle and it's mainly just selfish Youtubers who make a big exagerated scene in order to drive up their viewerbase.
Once everybody is at level 30 and has a standard rune page, suddenly Teemo's power drops off pretty drastically and he's only left as an occasional annoyance or an OP fed champ in those few odd matches (but that goes for any champ that is played off to an amazing start).