It’s definitely not fine as it is. The magic damage buff currently provided by it will likely replace arcane in almost all scenarios. Also, stacked with with other damage boosting items, and the new staffs proposed, it will be very game changing for magic, something I believe doesn’t need buffed. If it does need buffed, not to this extent.
I'm always interested in hearing player feedback and I don't fully understand why it is bad because it replaces the Arcane specifically, if we put out a new offhand from a new group boss it definitely has to be better than the arcane otherwise it's not worth adding it at all.
Is your feedback that we instead release an upgrade to magic not in the offhand because you feel like the Arcane should never be replaced under any circumstance? Because that is viable and valid feedback