Lets discuss not upgrading machete
NEWFARM RAZORBEAKS All Jungle items now grant 30 bonus experience on monster kill for each level higher the monster is than you TIER 1 JUNGLE ITEMS Hunter’s Machete and Hunter’s Talisman grant 15 ⇒ 50 bonus experience on large monster kill TIER 2 JUNGLE ITEMS Stalker’s Blade, Skirmisher’s Sabre, and Tracker’s Knife grant 30 ⇒ 50 bonus experience on large monster kill
So in this patch machete or hunters talisman offers just as much xp per kill as an upgraded smite. I feel like a huge incentive to upgrade to your final item was that you'd get the smite upgrade, and then it's just a little more gold for the enchant anyway so you'd finish the jungle item
Now with the changes you can ignore your machete without falling behind xp wise and can go right to your core items. Maybe not every champion can get away with it, but there definitely have got to be some that can.
I understand you enchant your smite machete because it's very gold efficient, but you're also dumping 650 gold into upgrading your smite in the first place.
I've done it on shaco and i felt it was a good decision. Instead of upgrading to machete and then going warrior (also being more enticed to hold out on boots because I want that warrior boost) i was able to go right to tiamat.