how about a system that charges over time like ROA, making it more viable as time goes by, giving slightly better hp, hp regen, and damage blocked upto a certain degree, making it a much more desirable item than t1 items, but not more than t2 items in a similar way that doran's blade looks far more worth than getting just a sword because it provides only 3 less atk, but also gives 3% lifesteal and some hp as well, which is still nice to have mid-game because 3% lifesteal scales with your AD, but is probably still better off sold later for items that will scale you up much better for the late game.
I think its current stats could probably get tuned down just a bit as you buy it, but as time passes, maybe upto maybe 6 or 7 minutes and it builds its charge/stacks, it would be better than what it currently is (health, regen, dmg blocked) so it scales against their enemy laner's damage since they will be doing more damage as the game progresses due to skill rank ups, and natural damage gains from lvl gains.