I'm not the biggest fishing rod fan myself, but I know how many players use it in 1.8 Skywars, so if I played with it more often, I would have definitely considered it.
It is a strong combat item, because of its ability, hence I think, that your suggested price is fair enough.
It would make things easier for the players, that are already used to it, plus I know how many people would like to use it in Eggwars also.
I definitely would live without it, but, If you consider the fact, that it would make manny more players happier, I cannot vote with anything other than yes:)