Katana is not OP in and of itself. Phantom as a whole is unbalanced, particularly vs light (90 HP and under) classes. Stealth is his bread and butter, it should be the center of the class so leave that as is imo.
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Remove shield or cut it in half. (preferably remove it)
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Make his HP 100 or 90 and bump speed to 440 / 450 to compensate.
He can stealth / camo. He can 1 shot lights. He can tank around 200 HP worth of damage so even if a light sees him coming, he will likely be able to close the distance in time to 1 shot with melee. The stealth also means that more often than not he gets the first strike. This would be fine (vasilli relies on getting the first strike more or less too) except he is extremely tanky currently.
Without the shield and with only 100 / 90 HP that means light classes have a better chance to gun him down with SMGs or 1-2 well places shotgun shots should the phantom decide to go for the melee.
If it is a standard firefight then 100 / 90 HP on phantom will be no different than fighting any of the medium classes.
Against heavier classes such as rhino and fragger phantom would (and should) need to rely more on stealth to get the jump on them.
TL;DR: 1 shot melee + 200 EHP + stealth = bad time for light classes. Remove shield and nerf HP / and increase speed to compensate in order to make things more fair.
