Possible Olaf Changes! (Reds Please!!!)

Disclaimer: These are just recommendations I have thought of to make Olaf a more well rounded, less nonsensical champion, but I hope someone on the balance team could take these ideas into consideration.

Based on what I've seen from TSM TheOddOne's stream Olaf is a tanky melee carry (similar to Rengar with less of an assassin identity) who excels at dueling and diving. The two largest issues I see with Olaf is that he has 2 sources or energy, mana and health, and that he is a melee carry who falls off late game rather that scaling stronger like Rengar or Master Yi. These two issues could easily be addressed by (obviously) reworking his E not to hurt him when he uses it and to make his armour pen from his ult based on % not flat armour pen. I'm no game design expert nor do I know if or when Riot plans on un-Olafing Olaf but I really hope some red notices this and tosses these ideas around in the office, especially the % armour pen over flat.

Thoughts community?