Hi there
In my opinion, this item would be wai to overpowered (even in overpowered mode). If there is a full diamond armour guy with a diamond sword and you only have iron one of the only ways to kill him is to knock him in the void. If he had the time to grid for diamond armour he could camp some more to get that item. And when you finally killed him he just respawns with all his stuff. Plus what would happen if you're egg is broken and you get killed would you respawn or just die.