FIREBRAND 2400g
6 Strength
15 Agility
15 Attack Speed
10% Movement Speed

MAJOR TOTEM 540g
4 Strength
4 Agility
4 Intelligence

BROADSWORD 1200g
18 Damage

RECIPE 260g

=

FLAMETHROWER 4400g
Deactivated: (default)
10 Strength
20 Agility
10 Intelligence
33 Damage
10% Movement Speed Aura (700AOE)

Activated:
10 Strength
20 Agility
10 Intelligence
33 Attack Speed
10% Movement Speed Aura (700AOE)
100% Splash (300AOE)
-60% Damage (All Damage)
(considering a -150 Range because of the 'effective' increase from the Splash effect)

Item Purpose: Pushing

100% splash and 60% damage loss sounds pretty messed up I know so I'm going to need to clarify this.
40% of your damage is going to hit your targets, all of them.
2 enemy targets results in a total of 80% damage, a loss of 20%
3 enemy targets results in a total of 120% damage, gain of 20%
4 enemy targets results in a total of 160% damage, gain of 60%
5 enemy targets results in a total of 200% damage, gain of 100%
The idea was that against 2 targets it would prove less effective, total damage wise, to turn the item on, only with 3 targets do you actually gain a net gain, I figured this was a good number at which the item would actually gain effectiveness, as it is increasingly unlikely to actually hit 3 or more Heroes with many 300AOE splashed attacks.
5. The maximum number of Heroes you could possibly hit with the splash, this I feel is about as balanced as its going to get. The chances that your going to find all 5 of them within a 300 AOE? Good luck, you better gank em hard and fast with Tempest's Ultimate to do that.

Component Purpose:
Fire felt like a good way to do splash, making Firebrand a good component to tie with it, also gives more reason to include a Movement Speed Aura. That and I can see this being good on Ranged Agility Heroes more than others, irrelevant of stats.
Major Totem needed more love, and allowed me to include Intelligence into the item and give a good all rounder with stats, with an obvious Agility lead for again, Ranged Agility Heroes.
Broadsword, I needed some damage and I wanted roughly 20, Broadsword causes cost to be 60g more than Runed Axe, thus better than Bastard Sword which gives 3 more Damage for another 200 gold.

Might change the name of the item to something a little different, due to the way HoN has attacks per second rather than any constant stream attacks, something else would probably be appropriate, however I'm keeping the Fire Theme if I can, perhaps something Draconic?
I came up with an amusingly stupid title: Dragon's Beard for some reason lol

EDITS:
- Noticed calculation error, total cost came to 4600g (not 4500g)
- To lower price, swapped Bastard Sword (1400g +21 Damage) with Broadsword (1200g +18 Damage)
- Thus total cost is now 4400g (only 60g more than Runed Axe) and the Damage/Attack Speed is 33 (instead of 36)

Since the first game i played of dota, ive always wanted a splash item for ranged heroes. The fact someone has actually put the time into coming up with that item is impressive. Something like this can be incredibly op, just like the cleave atm, but that has been chopped and sorted. to make it worth. who knows. it could actually be a decent item.

Good work

Edited the post with slight changes that I made (listed at the bottom of the post)

Posted the Finished creation, that I decided to name Flamestriker, on the HoN forum

Link: Flamestriker.