I think Oracle's Elixir should stay to counter wards and "invisibility". It's a must-get against an Akali, Teemo and Shaco. And the map-awareness battle is a fundamental part to the top-level 5 premade game.
However, that's no reason to remove it... lower levels of play rarely use consumables to begin with, especially the very underrated Elixirs, that doesn't mean they should be replaced.
Maybe something in tandem with Oracle's, along with a reduction of the range of what Oracle's does, would be appropriate. I don't know, I'm not involved in the balance process so I can't really say.
But I'd hate to see the potential for ward clearing go away, along with a counter to people like Akali and Vayne with short-term stealth that you may need to focus in a fight.
Also - not sure if this has been addressed, but does this affect Nocturne at all? I feel like he's in a fantastic place and I wouldn't want this to inadvertently be a nerf.