First, Wriggle's Lantern should build out of Spirit Stone and allow any farm jungler, AoE or single target, to clear the jungle quickly with way more gold income. Madred's Bloodrazor should be specific for single target junglers which abuse on-hit effects.

Gold Value

Gold Efficiency*

The first thing this item does is to revive the old purpose of Madred's Bloodrazor item Madred's Bloodrazor, beeing the armor counterpart to Wit's End item Wit's End. The only bad thing about is that on-hit abusers are now limited to jungling, but most of them can jungle anyway, since on-hit effects allow good jungling.

The second big thing this item has is, that it restores HP for every on-hit item damage you deal. This is an unique form of lifesteal nothing else can do and makes on-hit builds even better. This would affect items like Wit's End item Wit's End, Trinity Force item Trinity Force, Blade of the Ruined King item Blade of the Ruined King...

Finally, which champs could use it? WarwickSquare Warwick is probably the best user of this and he would need a buff in this form anyway. But also bruiser Cho'GathSquare Cho'Gath or Phoenix UdyrSquare Udyr could use this. Still, it wouldn't make strong champs even stronger, it would give lesser strong junglers a new build option and allow them to get back into the game.

Wriggle's Lantern item
Gold 1650 (Gold 150)
Madred's Razors item
Gold 700 (Gold 100)
Dagger item
Gold 400
Dagger item
Gold 400