Is there any other damage champion (or other champion) that has an effective Life Rip card? I can't think of one.
But the fact that a champion has something like that, combined with the Combat Trance, and the fact that Cauterize has become more expensive and less effective, makes him an easy self-healing killing machine. If you want to keep his rate of throws in Combat Trance then you'd have to reduce the amount her can heal for per hit. Or reduce the downtime to 30s. But even then, a full Chronos can bring that back down.
I like the idea of someone above that said the Heavy Sword could cause bleeding rather than direct damage, but if you want to keep it as it is at least get rid of the slow and the immediate recall. Have the recall on a few seconds, otherwise its a near enough 1450 damage with no chance of protection.
I do like that his Ult is not CC protected (his Combat trace is?) which at least gives people a chance of stopping that, but all things considered it seems a small negative on what seems an overwhelming positive for the rest of him.