To be honest, this seems unnecesary. I guess that Fabsol wants for his new item to be the cool one, but the fact that it is binded to a keyboard button so it frees a bar slot seems already a good enough improvement, so I don't see the necesity of nerfing the rod of discord. I don't like it either, because it is a nerf to a vanilla item that doesn't needed except, again, to make the new item seem cooler.
Fabsol is adjusting values to fit what he feels his modified version of Terraria should be, both in addition to and changing what was already established. With that being said, he probably just said "5 seconds isn't long enough." I don't think it was in relation to the new item beyond simply adding progression. Besides, people don't usually teleport every 5 seconds, it isn't that much of a difference, and if you do: go get the better version you craft with the RoD.
The problem isn't the teleporting every 5 seconds or getting the item. In fact, I think I already can craft it (I haven't checked the last version of Calamity), and even if I don't have the items right now (I doubt it, I have thousands of ingredients), it won't take me long to get it, so I don't have a problem with getting back to being able to teleport every 5 secs if I desired.
The problem is that "Fabsol is adjusting values to fit what he feels his modified version of Terraria should be" doesn't fly when he nerfs the Rod of Discord but then the new teleporting item has the same cd as the old Rod. It makes it looks as I said. If the new teleport item had a longer CD than the old RoD, while I wouldn't agree with the nerf, that would be just me not liking nerfs, period, but I wouldn't argue about it. But when the balance is, at the end of the day, the same as with the RoD, but with another step in between, and nerfing the RoD... well, I won't repeat myself again.
It's more that I don't agree with the concept of nerfing the vanilla item to then make another item which is just as powerful as the old one before the nerf, but with a nifty button binding. If at the end of the day, the teleport is going to be once every 5 secs, he could have just leave it like that to begin with. Specially because it has several advanages over the old RoD to justify the update without nerfing it, like not being affected by the Counter Scarf, and nullifying the whole "50% extra damage while in chaos state in Revengeance mode".
The change will affect nothing in your gameplay. The RoD will have its usage with no changes other than a countdown that shouldn't matter due to the fact that the RoD isn't used to dodge many attacks to begin with. If you heavily rely on it, that's gonna be tough until you make the new item, but for a majority of players, this doesn't change anything.
I don't take it as Fabsol promoting anything or attempting to increase the chances people will craft this new implemented upgrade. I see this change as Fabsol taking modding the game to a new level in which he can change core values of the game in order to meld it more with what Calamity adds. Calamity becomes not just "additional content" but an entirely new way to experience Terraria altogether, with different balancing, AI changes and modifications to way certain items work.
In relation to Vanilla, I see how your argument makes sense. It is a little weird, and I remember pointing out to my friend on Discord that the change initially frustrated me, but then I looked at it in terms of what Fabsol is doing with the mod and it made more sense. He's not just trying to say "Oh, this CALAMITY item is better than that VANILLA item and doesn't have the 10 second timer, looks like you're gonna have to use MY item now! " Instead, he's made sure there's a natural progression and actual incentive to even bother getting the new item beyond "oh I don't need an active slot anymore." Personally I'd get too used to using the RoD as is and wouldn't use the new one at all, but now there's a reason to, and there's no real problem with that.
He isn't sullying what made the RoD great or anything, he's just taking measures to make sure there's a reason to get a better one that ultimately adds a new layer of intricacy to how you control your character in the game.
Besides, like I said: this RoD nerf isn't going to affect your gameplay unless you outright rely on the RoD for dodging on a level beyond "when I clearly won't make it without it."
I didn't really even use the RoD at all to be honest, so maybe I don't have the same perspective as those who DO use it, but I can see Fabsol's reasoning for this quite well. Since this mod is meant to add a crap ton of content, why not encourage people to use the items it provides?
I play with ShaderLib and IC and it runs okThere is a known bug for a few mods that are major to me, they are particularly incompatible exclusively because it somehow conflicts with the usage of boss summoning items. The mods are all located here: tModLoader - TGM1234's Mods
I was wondering if you'd look into making your mod compatible with the following mods that have the issue in common:
*"Item Customizer" (I read this one is mostly the culprit, but ShaderLib is required to run)
"Hair Dye & Armour"
"Vanilla Dye Fix"