I don't think we need a %bonus HP item.
We need a normal tank itemization, with top-tier defensive items and some health items.
For example, Warmog could be looking like this:
Cost: 3560
Health: +1200
Passive remains the same.
The cost efficiency from health would increase from 85% to 89%, so I don't think it would be game breaking buff.
Some other items that would give high health and low armor/mr would also be good, like:
Cost: 2900
Health +800
Armor +35
UNIQUE Passive: Each time you are hit by basic attack or single target spell your movement speed increases by 5%. This effect stacks up to 3 times.
Or they could just change the %penetration to apply only to bonus armor and magic resist (so that champions would lose damage against squishy champions if they decide to build LW and VS - making it more of a choice, rather than a must-have item thus helping tanks a little bit).