4 Underused Effects
These effects could be put onto items as active effects in order to counter class-specific strengths that would otherwise require (or already have received) nerfs. They would also additionally provide counterbuild options to champions who are otherwise extremely polar in their countepick performance. And of course there's nothing wrong with adding more reasons to bring Ingenious Hunter besides just Predator.
Whether they should be brand new items or changes to old ones, I don't know. I'm not sure there are enough outdated items at the moment to warrant giving any new actives.
(1.) First and foremost, Active is an effect that isn't utilized enough. Making an effect active allows them to balance it via the cooldown, instead of just gutting the strength of a passive effect.
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Mutilator - the new debuff introduced with Aatrox's passive which reduces both healing and shielding. If this were put onto an active item, instead of a passive effect like Grievous Wounds, it could be bought fairly against champions which focus on shielding allies. The recent heavy nerfs to shielding enchanters and their +heal/shield% items wouldn't have been necessary with a counter option such as this.
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Ionian Fervor - for lack of a name for the shield-cutting part of the ability, I'll use the passive's name. Would solve the shield issue like mutilator, but perhaps more fair since it doesn't effect healing.
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Grounded - would give a counter to champions who have insanely high mobility (2+ dashes/blinks like LeBlanc, Zed, Katarina, Irelia, Yasuo, new Akali). A skillshot similar to the old Frost Queen's Claim would work well.
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Cripple - while there are items with cripple, they by necessity must have a pretty weak version of the effect if they're to have reasonable base defensive stats. If, though, it were an activated effect on an item without armor, it could be made much more powerful without making the target too tanky, and work as a counter to champions who focus on on-hit builds (especially Conqueror) instead of crit.