Agreed, there is so much going on with his kit that he is one of those champs where he's either ridiculously terrible, or severely overpowered. Unless they change something, he will never be just right imo.
I'm not at all as good as other people at this game, but if you ask me, I say tie is passive completely to his ult. Upon level 6,, 11, and 16, take how much damage he has taken against how much damage he has dealt, and let that decide wether or not he goes blue or red. I know this isn't perfect but it's just an idea to start the tweak on him.
TL; DR: Give him less control over his form so that it will be safe to give him a buff somewhere else.