I don't think the usage on your side should be reduced for two very important reasons.
reason 1, this items passive will only be useful in enemy territory because of how it works. enemies are unlikely to ward in your territory early.
reason 2, a big reason poacher's knife is bad right now is the fact that it only works in enemy territory, and you need to get it early before you know what the gamestate will be later, so poachers can turn into just regular smite + a small amount of gold, whereas if it gave revealing buff everywhere it would still be potent later on even if your team was losing, perhaps even more potent.
I have to ask if you mean it gives you true sight or does it put you in true sight. if it puts you in true sight the item becomes far more useless, even if it made it so you could smite enemy champions for full damage, no one would ever build that, because if it does that it means that the enemy knows where you are. one more thing, I think that it should have a draw to gankers as well as counter junglers, more specifically champions like Jarvan or lee sin, because counter junglers that focus on stealing farm already have a really good option, whereas counter junglers that focus on kills don't have many good options.