Any item that does something really cool that is still useful later in the game is going to be a defacto choice over any existing items other than Blood. Instead of a choice between Blood, Blood, Blood, or maybe Cloak of Night, it will be a choice between Blood and the new items. How does this improve the game anywhere near as much as making any of the current items a valid choice depending on build and map?
If you still aren't getting this, imagine if CoN or AoT weren't crappy (say, 20-25 range on CoN, or a snap-back feature like FavorMod's Mirror item, and better-than-teleport-scroll stats for AoT) - 90% of builds will still choose Blood, but a few might actually take the early-game health hit and choose one of the other two items, because they remain or become fairly effective over the course of the game, while Blood's comparative effectiveness slightly decreases, just less than any other normal favor items. This is not 'good balance'; at best it's slightly less terrible balance, assuming the 'new' items aren't anywhere near as powerful as they are in FavorMod.
Edit: Symbol of Purity is another example of this, and is already one of the few worthwhile items due to the fact that it gives ~1/3 the effect of Blood on top of an active ability that scales well or even improves throughout the game. SoP's effect is at least fairly well-balanced with respect to Blood, as its ability is only useful against debuff-heavy Demigods, and mostly useless against DA, Fire TB, Oculus, etc.
please mess with lock mechanics they are stale.
Adding free locks to a favor item won't make it less stale, if anything it'll just mean non-stop locks throughout the game from anyone who doesn't take Blood. That sounds really annoying.
If you don't think goggles belong in the ranged attack niche, you could always make them view enemy demigods like you do your own teammates. (Health, mana, items etc...)
This is not a bad idea, and should be achievable. This alone wouldn't make it worth picking over Blood, but it's a start.