How to reduce the frustration Vayne causes?
Because simple nefring won't do it. Sure, some people might be ok with a character nerfed into oblivion, but that's not a good solution. My claim is: Vayne's outdated, onedimensional design will cause her to be either super strong, or abyssimal weak. So IF you manage to somehow magicially balance her, it only needs a few minimal changes to items affecting her or champs that countered her before and she either goes full op or full Olaf again.
Without a small rework (small, mind you!) this ain't gonna to work out. Also, she could use some updated visuals too...
The true% damage is not really the problem. As the Fiora rework has proven this mechanic CAN work in a healthy way - if you actually have to DO something for it. All those I see complaining to me about Fiora being op never cared about their positining in lane and the direction of their vitals and I just punished their mistakes. I had to get in close range and watch my own positioning - it's not something I simply got for free. Vayne on the other hand has the safety of her kit in addition to range and has nothing to do for true base AND %maxhealth damage apart from the thing she's doing anyways: basic attacking.
And even her entire kit is so revolved around that, it makes it almost impossible to balance out. The design is just too straight-forward, her kit lacking ANY kind of mechanical difficulty found in newer champs. Now, I don't want her to be the hardest-to-play champ in the game, but for a carry potential of this strenght there should be at least a bare minumum of skill invested that goes beyond the basics of rightclick and positining.
But the thing is: How do we fix this? It's simple: put up harder requirements to get your precious true damage. Replace the old passive with silver bolts, but let it only deal physical damage, UNLESS you proc the thrid hit with an ability, meaning a tumble-shot, a E or whatever the new ability is that could be her W. Like this she STILL has her damage, but now has to work around her kit.
Also, this allows us to put some power elsewhere into the kit, making her an overall more interesting champion to play. A good way to that would be to give her a more interesting ultimate and move the stealth to the Q, so she can stealth at level 1 already, but only for 0,5 seconds and it scales up with rank. Maybe increase the cooldown in return, I don't know, it's just an idea of mine. As for a new ult, I'm not sure... something including movement speed? Silver bolt rapid fire (think of a lucian ult in several short salves)? No idea... but let's leave that to Riot - after all there are people who are paid for coming up with abilities and stuff (maybe some better than others cough ).