I agree on the point with the stats - Stopwatch is currently the only item that does not give any stats while still building into several items. The theory for my idea comes from bramble vest: There are many players that are frustrated form playing against that item because they can't attack an enemy with it in the early game without taking damage just from the passive. They'd require to have lifesteal to compensate, but at the same time the vest already reduces that effect. If Thornmail was more split towards its passives, then you could build more towards the stat you really need: if you have a lifesteal focused attacker that goes for hydra first, you can make enough use out of the grievous wounds already.
You can't really determine how much gold value grievous wounds have, because they are all different amoung these items (or have been) both in requirements how to apply that debuff to the enemy and how long the debuff lasts. I think bramble west inflicting the wounds for only 1 seconds makes it really hard to make an own item for that passive.