BH does have a great perk. Disagree on IB in PVP. It is outperformed by almost every other sniper in stability and is one of the least used snipers in pvp. Ammo is there every minute or so, and camping doesn't work the same in pvp as pve.
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My nerf idea for the blackhammer is decrease total ammo to 6-8, increase how fast you have to hit precision shots to the quickest possible time needed, and drastically decrease stability of the weapon. Stability decrease can make you lose shots from an already-low amount of shots AND you would need better control over recoil to activate the perk. With this, I believe the blackhammer could keep its perk as is, while still making it a challenge. But, who knows. They may plan on making it an exotic, because it's the only specific legendary that is getting a change in the next update. Even after the nerfs come out, I still think it holds quality to that of exotics, so.