I really don't like what you've done to Last Whisper.
40% Bonus armor penetration?
Last Whisper is one of three core items in my offtank Zed build. Last Whisper, Bork, and Black Cleaver. I buy these 3 items together because they scale with each other in so many multiple ways that they remain decent sources of damage throughout the entirety of a game, and thus allows me to buy tanky items.
If you change Last Whisper to this...thing, then I lose out on a lot of RELIABLE damage. You guys already nerfed flat penetration by 20 for most assassin builds when you took Brutalizer out of Black Cleaver's build path, and now you're making it even LESS convenient for assassins to penetrate a squishy's armor? Why?
Last note: I recall CertainlyT saying, back in the day when he first suggested making Last Whisper do bonus pen instead of total pen, that he would like to add power into the item that it lost in transferring to bonus armor pen, since bonus armor pen would be the better design choice but he wanted it to still retain its strength. Well now it's a shit item and one of the two items it builds into is shit, and the other item is purely for tank busting.
I don't want to go back to building crit Zed. I personally find it extremely cheap for my enemies to play against. I have shit tons of success with an offtank build but you are going to destroy that if you tear apart Last Whisper like this.