This post is about collecting all the lacklustre items in the game that need a buff or need to be swapped out for the heroes that have them. Will going faction by faction listing the item with its current effects. Comparing game 1 to game 2 items there does seem to be better items in general on game 2 heroes, however quite often the heroes are more expensive so might be by design. Focusing on heroes because as you can take heroes in any build (as opposed to lords) shaking them up will lead to more diverse play options as they synergise in various ways with different lords.
Handmaiden - Enchanted Spyglass: Cost 160, gives +10% missile damage in a 40m AOE constantly. I'm not sure what the intended design for this was but it seems pretty weak as it only effect missile damage (so not AP). May be designed to have a Handmaiden riding with Ellyrian Reaver Archers (so also being able to take item that buffs MA & Reload Skill) but at 160 seems too expensive. Either drop the price or increase the added missile damage to +20%.
Plague Priest - Pipes of Piebald: Cost 56, reduces charge speed by 4% and charge bonus by 8% in a 55m radius constantly. At least this item is cheap, because it is fairly terrible. Don't think I have ever once seen it brought, although with only minor buffs I could see it being able to have at least as much impact as spending the cost on chevrons. Buff both the bonuses by +2%.
Necrotect - Wrath of the Creator: cost 79, +5% AP & +5 MA to constructs in 30m. Seems like a good item but is virtually never brought. Would buff the AOE to being 40m as this seems more designed to help a frontline necrotect amongst the infantry.
Necrotect - Stone Shaper: cost 157, +15 armour & +10% missile resist to constructs in 30m. Once again this seems like an okay item but I don't think I have once seen it brought. Increase AOE to 40M or buff missile resist by 5% because then you could use it to give a Bone Giant a bit more of a change in artillery duels with cannon factions.
Tomb Prince - Cloak of the Dunes: Cost 162, stalk + unspottable for 44 seconds. This item is identical in affect and 5 gold cheaper than the Noble's cloaking item, but has 23 second less duration. Either make it cheaper or buff the duration to match the noble variant.
Skin Wolf Werekin - Potion of Speed: Foe-Seeker with an added boost to charge speed and acceleration for 79 cost. It only has a single use and the Werekin can get foe-seeker anyway so there is literally no reason to ever take this. Swap this item for something else, not sure what would be a good fit here. Maybe even just a potion of strength would be enough.
Waystalker: Warrior's Bane: cost 81, -6% weapon damage in a 40m AOE. This item is terrible no reason to ever pick it. Not sure what would be the best way to buff or change it, what could be quite cool would be a single use item that would buff the offensive stats of Waystalker in some way and maybe give discourage. Could then allow for compromised archers that are with a Waystalker to be rear-charged by wild riders and hit with this item to scare them off.
Waystalker: Potion of Speed: Same as above for Skin Wolf Werekin however marginally more useful as Waystalker doesn't have foe-seeker. Still something I've never seen picked though, so either swap it out or maybe just buff it to be a bit more impactful than Foe-Seeker because it is single use.
Warriors of Chaos
Exalted Hero - Mark of Khorne: Cost 81, basically gives frenzy to the exalted hero. I think this should be made more expensive and also buffed to be permanent effect when taken. If taken on a Manticore you would be paying the deadweight cost for ITP that way so it would be a premium for melee stats, and Exalted heroes on foot or horse aren't exactly common sights so it would be good for this item to be better.
Not going to comment on the Dwarfs as enough has been said about the poor itemisation and abilities for their heroes. CA probably has something in mind here at this point.