This would without a doubt be the most powerful item in the game if implemented as-is. I'm not even talking about the balance numbers, but conceptually. You'd essentially be giving every hero the mobility of Viscous. Here's what the regular melee charge is capable of, and this was before they limited HMC to just a few active items.
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When thinking of an idea for a game, try to think about the impact if it was removed:
If it would be a mix of pros and cons, it needs fine tuning.
If it would have no discernible impact, it's bloat.
If it would have a positive impact if it's gone, then it's back to the drawing board.