Moving Atma's stats around won't fix anything.
The main problem with Atma's is the end-game scaling/stat conversion the item has.
An average game only sees ~11k gold per player, which is 3 major 3k items. If Atma's feels solid as a 1st major item, it's going to be really strong once you have 3 major items.
If Atma's only feels solid as a 3rd major item, it's going to feel to late-game to remember and everyone will forget it's there.
Also, with a typical fighter you spike mid-game when you get decent bases from some levels and you can force 1v1 fights because everyone isn't in a 5v5 formation 24/7.
Not to mention - once you have 2 major items the novelty of getting offense and defense on the same item has worn off. You can swap between full offense and full defense items at that point.
Where split offense/defense items are really useful is in-lane when you want to counter-build your lane opponent, or build up some bulk without completely sacrificing damage.
As a HP scaling conversion, Atma's can just never do these things in a balanced fashion. HP grows to 400% of what it starts at on level 1. Armor and MR don't even half damage taken from bases for the equivalent of a 200%, AD scales to almost exactly 200%.
HP just grows way to fast throughout a game for any HP scaling conversion to feel useful at all early while being balanced late. Especially now when we have a %max HP boosting item.