If the Blasting Wand and Pickaxe AP and AD disappear upon upgrading it I'm not sure how useful it would be. Beyond that while there are certainly plenty of champions that can make use of both AP and AD the number that can actually utilize hybrid builds to any degree of effectiveness are incredibly small, and even those that can tend to go either full AD or AP builds rather than building both - such as Akali and Katarina. Jax, Kayle, Teemo, and maybe Nidalee are about the only ones I'm aware of that tend to build both outside of Trinity Force. Which isn't a very large niche to appeal to, or one that's really having any itemization or viability problems. I'm pretty sure Jax and Nidalee keep seeing tournament play as well.
For comboing magic and attack damage you already have 6 options though: being Nashor's Tooth, Manamune/Muramana, and Trinity Force (for those with mana), and even Rageblade, Gunblade, and Malady (for those with no mana concerns). Which is plenty concerning the limited use the niche sees.
Originally Posted by Poisonedblood71
with the current items we have available there really isnt an item that can help you be tankier AND do damage for both damage types.
tldr: need more hybrid options for bruisers.
It's called Tri Force. Also, items are broken down into 3 major categories: Attack, Defense, and Magic. Asking for being tankiner and building both types of damage covers every category, that really shouldn't be a common mix on items. Not to mention EHP and DPS stack multiplicativly with each other - the more damage you deal the less defenses you need by merit of killing things before they deal damage, and the more defense you have the more damage you end up doing by not dying. Asking for such an item is like asking for another item that increases attack damage, attack speed, armor penetration, and critical strike chance on a carry.