Nah.
Varus needs some simple stat buffs before anything else, see how that would work for him (as his kit is okay).
For example:
Base Health up to 550 (from 537)
AD at level 18 up to 105 (from 100)
Base AS up to 0,679 (from 0,658)
Attack speed growth down to 2,75% from 3% per level
This would generally make his attack speed at level 18 unchanged, however it would also make AS items a bit more effective on him - and they do synergize nicely with his W. To put it into some perspective - right now he needs 229% bonus attack speed to max it out. With those changes he would need 221% - yes, this is not a big difference, but I do believe it's enough to make him stronger in late (along with the AD buff).
The other buff that I would possibly see on him would be:
Q - Piercing Arrow
Varus fires, dealing physical damage to all enemies in the arrow's path, reduced by 10% per enemy hit (down to a minimum of 50%). (down from 15% per enemy hit to a minimum of 33%).
This would not make it feel like downgraded Cait Q (which deals more damage to 3rd target and beyond, while also costing less mana, having less cast time, bigger AoE and less cooldown) and would help out with his wave-clear, especially later in the game.