In all seriousness, just get an Ebon Mace if you are on blue. They only cost like 1k or so now. Sell your Venomous Axe and use that money for the Mace. Way easier than farming Sword of Pain or Engraved Di`Zok Deathbringer, and you aren't really losing out on much.
Stats on Sword of Pain aren't game breaking, and Shrunken Goblin Earring is just fine as a Grim Aura clickie if you have the cash.
The proc on Engraved Di`Zok Deathbringer is great, but limited to undead, and not procable until 50. Before level 50, it is just a worse Ebon Mace.
As mentioned above, if you haven't gotten your 2H situation sorted out, Reaver would be the better option overall. You just need another magic item for things like Ghouls, Mummies, and Willowisps, which could be filled with (you guessed it), an Ebon Mace
[You must be logged in to view images. Log in or Register.] That, or a decent 2H weapon like
https://wiki.project1999.com/Oggok_Cleaver or
https://wiki.project1999.com/Heavy_Velium_Claidhmore .
The only reason why a lot of people went Sword of Pain on blue was because there was a time where a lot of people were farming Lower Dogs, and the Sword of Pain rotted all the time. That, and Ebon Mace was still like 4k or more in the market. Also, this was before the 2H table upgrade, so 1H weapons were the way to go. It made a lot of financial sense to just camp your alt SK at Lower Dogs and wait for a rot (which wasn't long). You save 4k and basically get the same weapon ratio wise, plus some fun stats and a clickie.
Now Sword of Pain isn't really worth getting (unless you want the fashion), because Lower Dogs just isn't really camped anymore, and Ebon Mace is so damn cheap.