AP BC: Yay or nay?

With coming under fire for being too powerful an item due to the raw stats it gives and how its passive interacts with abilities, would implementing a AP version of be a good way of diversifying builds and make Rylai's less overpowering in the current meta? The stats could be like this:

+200 hp +40 ap 20% cd reduction Dealing magic damage shreds the target for 5% of their mr (stacks 6 times) Dealing magic damage grants 20 movement speed. Killing a unit with an ability grants 60 movement speed

This would make a second item for those who want to stick to their target, but not have to be forced to buy Rylais all the time.

The biggest con I can see to this item being implement is the many mobile ap champs that would take advantage of this item. being the biggest offenders if this item come to fruition. That would mean they would have to be nerfed to make up for the amount of mobility this item would give. That or balancing around such an item would only cause more issues, and it would be better to just stick with Rylais as the go to item for mages to stick to their targets.