Updated Smite

I was just wondering whether Riot has considered integrating the passives of hunter's machete and its upgrades (the passives that regen health and mana and do extra damage to monsters) into the summoner spell smite itself. Maybe get rid of jungle items altogether. I can't think of a way that this could be abused by laners, and it seemed like an interesting concept to me. This would also almost ensure that players that took smite would be jungling and we'd see less shyvanas and ezreals with smite in lanes. I'd like to hear what other people think about this idea and its flaws.