Well, this item definitely needs a treatment, even though I have not figured out yet what it is...
Some stuff we should take into account before talking about possible changes on this item:
1. This item deals a DoT of 32 damage over 8 seconds, and refreshes if you hit somebody again.
2. Wits End deals a 42 damage on hit, it is an on hit damage that is dealt as a whole and is not mitigated by itself, which happens in the case of EC.
3. We know of a DoT that stacks, which belongs to Darius. Well, it's a PASSIVE and it stacks 5 times with itself, while an item... doesn't. If anybody thinks this is ranting, it's comparison, it's not about power levels.
One suggestion is to buff this item, in a way that it deals it's entire damage even if you attack while the DoT is active. This means each hit will deal 32 damage, but it will be damage over time. It might not seem too strong, but DoTs are really strong for harrassing.
Another definitely nice, but don't know if necessary thing, is to give this item an upgrade.
I like the thing you said about "increase regeneration effects on self", but I have a feeling this might be somehow abused by offtanks, and we already have an item with a similar effect.
Well, it would be nice to keep on fighters, so throwing some survivability like resistances, damage reduction or health on it would make it a good choice, but it would then not feel as strong in terms of damage. Does this sound OK? :/