It would work wonderfully.
Name the enchantments such as 'Ruby', 'Sapphire', 'Emerald' etc...
Obviously the enchantments shouldn't be as strong as Machete's, but just offers some customisation for the support who buys it.
1) +200 HP / +50% Health regen / +3% Movespeed (For initiators)
2) +30 AP / +10% CDR / +200 Mana. (For mages)
3) +20 Armor / +20 Magic resist / +Tenacity. (For safety)
4) +5 Gold per 10 / +75% Mana regen. (For passive playstyles)
5) +8% Movespeed / Extra ward slot. (For utility)
Don't take the numbers seriously, just examples.