I would rather see a feat that empowers character through their INT like the 3.5 Swashbuckler's Insightful Strike:
"Insightful Strike (Ex): At 3rd level, a swashbuckler becomes able to place her finesse attacks where they deal greater damage. She applies her Intelligence bonus (if any) as a bonus on damage rolls (in addition to any Strength bonus she may have) with any light weapon, as well as any other weapon that can be used with Weapon Finesse, such as a rapier, whip, or spiked chain. Targets immune to sneak attacks or critical hits are immune to the swashbuckler’s Insightful Strike. A swashbuckler can not use this ability when wearing medium or heavy armor or when carrying a medium or heavy load."
Now there's a good representation of an alchemist hitting someone in their weak spots...
I know it's already been said, but DEX just can't do everything. @_@
Dex contributes to ranged attack rolls, Armor Class, Initiative, Reflex Saves, CMD and Acrobatics (probably the most useful in-combat skill). Not to mention that Armor Check Penalties aren't even really a penalty because high Dex characters typically wear nothing but the lightest of Light Armors.
Strength is used for melee attack and damage rolls, CMB, CMD, and some athletic skills. The ever common Weapon Finesse automatically takes away one of those applications... Not to mention the oddly specific (but modifiable) Dervish Dance feat that can take away STR's second primary purpose... Oh, and Agile Maneuvers. Can't forget that STR-replacing feat.
In the last three campaigns I played in, only one character out of say half-a-dozen melee-based ones total used Strength. Everyone else was a finesse fighter. If you could use DEX in place of STR for damage, I doubt I would ever again see a STR character (other than the occasional Barbarian).
So just let Strength have damage... it's all it really gets. DEX-characters SHOULD have less damage than STR-characters as a trade-off (Hell, they only need STR 13 to qualify for Power Attack!).
Tl;dr:
Let STR keep melee damage rolls, it's all it really gets.
Finesse Characters can still have Power Attack if they want more damage.
Dex shouldn't do everything.
I think a feat that uses INT with DEX like the Swashbuckler's Insightful Strike would be a balanced alternative...
Just ask you GM to homebrew Dervish Dance for the specific weapon you use if you're that horny for DEX.