Get rid of jungle items completely, make red/blue smite separate summoner spells
It just seems unnecessary to give junglers their own item lines. Being able to do an instant burst of true damage is already enough compensation that the summoner will still be taken by 99% of junglers. If you want to keep the talisman and hunter's machete buffs you can put them as Blue/Red smite summoner passives respectively. That would be an interesting tradeoff for a jungler to consider in pre-game.
Why does a jungler need to have an earlier power-spike than the rest of the team? What sense does that make? Get rid of the jungle-specific items completely - they're just more random things for League players to memorize that don't add anything.