Yes it would be OK to keep it, I already feel like BC+LW+other items is better than BC+BC+LW, but it of course it is all about countering the Frozen Heart / Thornmail spam.
Personally I'd like to see the Health on the item disappear or become unique, so that we can still build super duper antitank if we want to but we'll be really squishy for doing it. I suppose that's LW's job, but LW doesn't counter FH or other armor stacking as well as one would hope.
The reduction of the flat pen though, if it no longer stacks, doesn't make sense.
I'd personally like to see BC become unique, but us still be able to stack flat pen using different items, and possibly the health gone from BC.