I should Reiterate: I do feel like the reduced healing is an ideal scenario.
However, if such a simple solution as that worked to make the item viable without being overpowered, it probably would have hit the pbe by now. Riot Balance team might seem daft sometimes, but I have a pretty good feeling that they would have solved the problem if the solution was that easy.
I guess to me, Greivous wounds kinda makes sense, but i would rather see it reduce lifesteal vs yourself, such that it doesn't fuck up other sources of healing (thereby countering soraka when meant to counter caitlyn) again, though, that is too simple to not have been looked at my now.
@Riot any thoughts?