I think as a magic item, it would work well. You can limit its existence to only 1-2, keeping it from becoming a problem. As a feat, every spellcaster is going to take that as their first feat. There are just too many good combinations that it would allow.
As a magic item, I could see two different ways to do it (both require attuned): a charged item or a limited scope item. As a charged item, you could require a bonus action to activate it, spending a number of charges equal to the highest level spell being concentrated upon. I would think 6 or 8 charges, recharging 1dx per day, so it won't be massive unless it's used sparingly. As a limited scope item, you could have it work as "you may maintain 1 {spell type} without Concentration." Illusion and Conjuration spells would be good for this, or you could limit it to specific spells if you want.
As a magic item, I could see two different ways to do it (both require attuned): a charged item or a limited scope item. As a charged item, you could require a bonus action to activate it, spending a number of charges equal to the highest level spell being concentrated upon. I would think 6 or 8 charges, recharging 1dx per day, so it won't be massive unless it's used sparingly. As a limited scope item, you could have it work as "you may maintain 1 {spell type} without Concentration." Illusion and Conjuration spells would be good for this, or you could limit it to specific spells if you want.