This item would be a relatively late game item. It could be an Off hand weapon or even an accessory and enable you to teleport to your cursor at the click of a button. Let's assume that we will be getting jetpacks at some point in the game.... This goes one better and makes exploring that little bit easier. It could be used as an off hand weapon so that here is a down side ie: can't dual wield or use a 2-hander with it. Or maybe it could be used as a keybind, like 1-5 or something like that.
I was thinking if something like this was used it would be something like an accessory that you equip then while holding a button like Shift and then clicking on the screen you teleport there and consume energy depending on how far you went.
I also agree, that it should be an accessory. But some people might think it is OP. But then again if everyone can get a hold of it it's fair. Could even be something as simple a the 'r' key.