The biggest problem with the infinity blade is that it's use is so limited because it forces you to drop your items AND makes it so you have 200/200 hp and shields (which also overrides settings that set hp and shields over 200)
All of it's current drawbacks (dropping your inventory, disabling builds, changing your hp) can all already be done with the class designer, so it's redundant to have them anymore, because if people want the old infinity blade back they can easily make it.
So my suggestion is to literally just make it a normal melee weapon, you can pick it up with other items, and it doesn't change your hp or disable your ability to build. Another suggestion is to just add the unreleased Blade item that does the same thing without the drawbacks