The weapon should not be changed. Should not be nerfed. And should be added to the loot tables similar to all other legendaries. There are very few powerful cutlasses and this cutlass does not devalue or undermine El Patron since El Patron is great for tanking while Heart of Padress is good for offensive play. Simply make it more rare to loot than El Patron. Only El Patron fanboys will disagree.
Below are my examples for my opinion:
Examples of it not being overpowered:
Thunder Spine:
has 95 base damage with rank 3 critical strike and the same Thrust Boost as Heart of Padres, talk about overpowered as well. Rank 3 Critical Strike is stronger then blade-storm boost considering you can't attack during blade-storm without swapping weapons from their slots to close it off which is considered a bug (fast-switch). Rank 3 crit on 95 base dmg is higher sustained damage in PvE and 1v1 and tops +3 bladestorm at 90 base dmg
Behemoth:
can constantly aoe hit per combo as a broadsword so that you don't even have to aim half the time, 101 base damage and +5 endurance boost INCLUDING Dark Curse and no knockdowns? talk about overpowered? Yet we are complaining about Heart of Padres?
Barracuda:
Nearly identical to what your complaining about, rank 3 crit which is mega broken, always aoes so no aiming needed hardly, and blade storm boost. Only thing this lacks is the bloodfire. Already ingame.
And before you say HOP would devalue this. Duh its supposed to devalue it because its a Famed and HOP would be a hardly never able to be looted LEGENDARY. Thats why Legendaries are ranked higher.
So again what are we judging here? 90% of whats "overpowered" about this weapon is already ingame, just another cool rare weapon we could loot. Only people without a brain would oppose it being added into the loot. My only complaint is the cutlass is ugly. Should reskin it with flowing lava going down the blade of it or something firey along the lines of: