If they reduced the cost of the machete to match then I could see this being somewhat sensible. Give more money to buy potions with, meaning more champions have enough sustain to clear enough camps to get their tier 2 item and some extra pots/wards.
And if you manage to figure out a balance where you save some of your starting money to buy the upgrade earlier, then that's good for you and adds more diversity to jungle paths and gank times.
Or maybe they should nix machete and let us have just the smite variant and the enchantment. Just up the cost so that you can't buy any pots with it (without the +40 gold item).
If we need to kill the scuttler to stay relevant though, they better make it easier to kill, 'cause I can think of a lot of champions I don't want to have chasing it up and down the river while exposing myself at half health. Might make early river wards a solid strategy though, since knowing where the crab is and whether there's someone else around could be important early game.
On another note a couple of the survival tips I picked up around the initial changes were
Krugs/Gromp->Razors/Wolves->Red/Blue
should get you an extra smite to use on the buff, and just in general, planning your route properly helps.
Utility masteries are good things to have for junglers because of all the random little things it nets you (in particular the 40 extra gold one, and the gold per 10 masteries should give you an extra pot or two for your first back) If only they come to their senses and make the summoner spell CDR mastery interact with Smite's stack gain.
Not sure how apliccable they are, but I'm certain that the utility tree could be interesting if they fix the sillyness their stacking system got us.