If you take 90 damage cuz you blocked a 20 damage AA from a mini raptor/wolf/krug, that would mean that you now have taken 70 damage MORE because of it and would have to block at least 4 more basic attacks from the mini raptors/wolves/krugs to even make up for the difference. I'm pretty sure it is a quality of life change to Pantheon BECAUSE of that it could invisibly make you take more damage in certain situations.
Raptor Camp:
Crimson Raptor: 20-74
Raptor: 16-59
In the raptor camp it might help a TAD bit since the does similar damage compared to the Raptor. But really in Pantheon's case you should probably not be doing them if you can't AoE them down because of the fact that they'll rip you apart, and anyway, blocking 16-59 damage every 4 autos and once every 10 ish seconds (W cooldown), is not going to amount to much life anyway and you're probably putting yourself TOO LOW (read you could get ganked and just murdered by the enemy jungler).
Wolf Camp:
Greater Murk Wolf: 42-155
Murk Wolf: 16-59
In the wolf camp, if you accidentally block one AA from a Murk Wolf when the Greater Murk Wolf is up. You have now put yourself at a health deficit compared to what it works to as now. The 26 damage difference (at level 1) would mean you have to block 2 more times in order to make up the difference. Now it has been a while, but I don't remember wolves taking THAT much longer after the Greater Murk Wolf died to clear the Murk Wolves, so you're just going to be lower in general.
Krugs:
Ancient Krug: 60-222
Krug: 20-93
Mini Krug: 10ish (i can't remember and can't find it but it's not a lot)
In this camp, depending on how many accidental blocks the Krug (or mini krug if you kill krug before Ancient Krug) you block over the Ancient Krug, it is upwards of 2 to 5 MORE passive blocks you need to absorb to make the change not just hurt Pantheon and break even.
Now the breakdown on these is harder to do (field test is something that would be required) to see just how many AA's I normally take from each camp from each Large Monster to see just how bad changing the passive to absorb Small monster AAs would hurt his clear. The worst case scenario is to assume you always block a Small Monster which continues to add to the bonus damage you take from the change. It's hard to say especially on Krugs. Raptors maybe helping (again I only do that camp if I can kill the mini ones down fast so they aren't alive a lot longer than the big one), and Wolves pretty much going to only hurt you. My gut feeling is that it would only hurt Pantheon's first clear which is the biggest concern for junglers especially Pantheon.