What if you built it with a pickaxe?

Pickaxe (875)
Chain Vest (720)
Avarice Blade (800)
2395 + 805 combine cost = 3200 gold

+25 AD, +45 Armor, +15% Crit Chance
UNIQUE Passive: Gives Attack Damage equal to 1.25% of your maximum health.

The passive would give: 25 AD for 2000 health.

Iceborn Gauntlet is pretty similar cost and has generally better stats as well as an on hit aoe slow. I agree that this item would be better for champs who don't scale at all off of AP though. Of course, this would be a fourth or fifth item, and 3200 gold is a lot for that, as well as for the combine cost and the number of items it builds from.

It's basically the same combine cost as it is now, I only added a Pickaxe and decreased the % HP to AD ratio so Fratmog's doesn't make a comeback (Ewwww... no thanks).

The change to building from avarice blade makes it an amazing late game item, as you're getting the combine effectively for free.

yea what it is right now is just amazing, my garen loves this new change, this means I can pick up the avarice blade at the beginning, now my spin is doing tons of damage to minions cuz of crits and because I get 2 extra gold per kill, im able to farm for better items easier. and then once my build is at it's peak I can transform this item to atma's which will give me even more damage, even more crit chance, and good amount of armor. what more can you ask for?