Is wand of dissonance good? I am not sure how to use it

Wand of Dissonance

Wand of Equilibrium (4g) + Encyclopedia of Darkness (6g)

Every 2.9s: Use 7 health to deal 8 Effect damage and gain 4 Mana or 3 Luck or 3 Regeneration, depending on what you have the most of.
You deal +5% Effect-damage for each Star Dark-item (Spells count twice).

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I am not really sure how to use this item. If I get multiple Encyclopedia of Darkness in the mid to late game I feel like I'd rather just keep them as Encylopedias to juice my mana and dump Blind on the enemy, and keep the wands as regular wands to get Empower. Is there some setup where it'd be way more powerful to make Wands of Dissonance instead?