I don't think giving it % damage block is a good idea because it's supposed to be a strong early game item and shouldn't scale very well into the late game, flat damage reduction reflects that. If it were to receive % damage reduction, it would have to block less than 8 damage early in the game but that is the moment where you try to gain the most advantage out of it.
I do think there are reasons to buy Dorans shield because 8 damage reduction from autoattacks and single target skills is huge because it happens after the damage reduction from armor/mr. It's pretty good against ranged AP champions with single target abilities where a cloth armor would be less benificial.