Essence Reaver slight change + new item idea?

Basically, I posted this a comment in a social media platform, but I thought it would be interesting to see what people think here.

NEW ITEM:

Placeholder Name//Essence Rapier//Mana Cutlass 1500 (500)

Long Sword (350)
Dagger (300)
Sapphire Crystal (350)

Stats

+25 Attack Damage [875g] 
+15% Attack Speed [375g]
+250 Mana [350g] 

Passive

Unique - Essence Drain: Basic attacks refund 1% of your missing mana on hit.

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ITEM REWORK:

Essence Reaver 3000 (400) [[COMMENT: also known as arguably worse Stormrazor]]

*Placeholder Name//Essence Rapier//Mana Cutlass* 1500 (500)
	Long Sword (350)
	Dagger (300)
	Sapphire Crystal (350)

Caulfield's Warhammer 1100 (400)
	Long Sword (350)
	Long Sword (350)

Stats

+60 Attack Damage [2100g]
+20% Attack Speed [500g] 
+20% Cooldown Reduction [532g] 
+300 Mana [420g]

Unique Passive - Essence Drain: Basic attacks refund 1% of your missing mana on hit.

Unique Active - Mana Rush: Consume 25% of your current mana. For the next 5 seconds basic attacks against champions refund 20% of your basic abilities cooldown on hit. (120 second cooldown)

{Essence Reaver cannot be purchased by manaless champs}