If you ever were to give Shaco a new lore...
... could you take in consideration that we already have an entire realm of crazy magical beings who like trickery and deadly pranks?
And I'm not talking about the Void here, but about
"new home", the Glade.
"WUT?! BUT HE'S NO FAIRY?!" you surely say now but... are you really that sure? The demonic harlequin is pretty much a fae being in real world mythology - mostly because what the fae consider fun and games is a macabre mix of childish cruelty and sadism. Their moral compass is that much disconnected to that of mankind that we generally call them insane.
So... why not put him there? Not as a fae of course, but as a human that was touched by them similiar to Lulu - the crazy witch who transforms random people into animals because she considers it a game. The only thing that keeps from actually killing people is that yordles are highly social beings. She simply prefers when they not die because then you can play more games with them. Apart from that she's pretty much the same as Shaco.
But humans tend to be a bit less... social than most yordles. Sure, some are total nutjobs like the Golden Demon, but even less crazy individuals can develop a worrysome amount of insanity if they life with the fae for too long - and ESPCIALLY when they develop a special kind of magic. Then they wander the worlds like children with a god-complex. They do whatever they want when they want because they give no shit about the consequences, mostly because they know they could get away with everything when using their powers - with their only goal being their own amusement with every means possible.
The fact that most fae are immortal doesn't help with that either - if your choices are going crazy or living in eternal boredom, well... I'm not surpirsed people go bonkers here. So putting Shaco in there would be a perfect fit from my point of view...
Also, Shaco REALLY needs some fresh lore. His is one of the few that still features the IoW...
will likely always feel a bit mysterious because we cannot even try to understand his way of thinking.