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".