Poacher's Knife Suggestion
I think a relatively simple fix would make Poacher's Knife competitive. Replace the smite upgrade with the following:
Upgrades Smite to Poaching Smite. Poaching Smite has increased range and damage. If Poaching Smite is used to deliver the killing blow to a large or epic monster, you gain stealth.
Voila, a smite upgrade item that you can use to make it easier for you to steal buffs and objectives, while still maintaining functionality in your own jungle.