New Item:

Executioner's Calling: +18% lifesteal, +15% crit, UNIQUE Passive: Your basic attacks deal 32 bonus magic damage over 8 seconds, UNIQUE Active: Grevious Wounds - 1350
Bilgewater Cutlass: +35 AD, +15% lifesteal, UNIQUE Active: Deals 150 magic damage and slows target movement speed by 50% for 3 seconds (60 second cooldown) - 1825
Long Sword: +10 AD (415)

You'd have to nerf the lifesteal on both, say... down to 13% on Exec, and 12% on Bilgewater, then...

Leecher's Blade: Executioner's Calling (1350) + Bilgewater Cutlass (1825) + Long Sword (415) + 410 = 4000

+55 AD, +28% lifesteal, +18% crit
UNIQUE Passive: Your basic attacks deal a bonus 45 magic damage
UNIQUE Passive: Your basic attacks slow the target by 35%, 20% for ranged attacks
UNIQUE Active: Deals 250 magic damage and inflicts target with Grevious Wounds

nopenopenopenope. wayyyyy to op. the slow as an automatic makes it too powerful alongt with the additional automagic damage. i would instead make the slow more like phage in that its not always going to happen, but theres a chance, and do the same thing with grevious wounds. this sounds like a great itme but just too op.