No, it would be much worse.
First of all, Shyvana definitely needs boots. Saying she doesn't shows that you don't know what you're talking about already. She also needs slows to stick to her target, which puts even more demand on Rylais... but without Nashors or Rageblade she won't be doing much damage...
Second, AP scaling on E got cut in half, which doesn't look too hot to me, you know?
Third, she isn't tanky at all early with that build, and neither will she be very tanky later on either with only 700 extra health and no resists.
Fourth, the rageblade is gonna take a while to stack up, and that while is too long with how squishy she is.
Fifth, her only way to engage without dying is with her ulti, and while it does have a low cooldown, it leaves her with a much shorter window of power than the normal build, for maybe about the same damage.
Sixth, her attack speed is gonna be pretty bad with that. There's a reason why most Shyv builds have 2-3 attack speed items. So your on hit won't be too great either.
Seventh, her ad build already does shit tons of damage mid-late game, I'm talking 410 damage per hit with 1.5+ attack speed, as well as being really tanky and applying a perma slow with Frozen Mallet, with built in tank shred with Bloodrazor, even more if she gets BotRK.