would this be a better lifesteal approach

This recent post from reddit got 2000+ upvotes. It called for more adc item diversity. https://www.reddit.com/r/leagueoflegends/comments/3e1qp5/now_that_the_ap_item_changes_proved_pretty/

I think part of the issue with adcs isn't just item diversity but also build order diversity.

Right now adcs are quite keen on completing their IE/TF. You get a power spike sure but it shouldn't rest on having to have IE or triforce first item, after all you'd be spending as much gold into other stats: Getting zeal, BF sword attack speed boots and a lifesteal item offer a mixture of stacks which complement each other. this complementary aspect should help rival just getting IE.

Like mages can be quite useful without deathcap. for adcs everything seems to hinge on getting their deathcap equivalent.

A healthy adc has a good balance of lifesteal, crit, attack speed, and penetration.

None of these things can be purchased in manageable chunks. Crits you need to reach about +30% to start to feel it regularly enough that you can depend on it reliably. Lifesteal's 8% + 3 with doran blade is sub par especially if your support offers little in the way of sustain. I do think we could see more adc go with something other than heal, get cleanse perhaps if they didn't have to rely on an exterior source of sustain so much. penetration also comes in a somewhat chunky format especially is your team is playing from behind and your struggling. And yet a lot is expected of you since your adc. Meanwhile enemy can stack armor pretty easily. attack speed has no issue in terms of its accessibility. Its just that its another costly stat to try and fit in with everything else.

Mean while mages typically need mana cdr and ap. they can usually fulfill both cdr and mana with one item with just athenes or morello. Mages can sit on this relatively conveniently priced item meet their essentials.

If there was a mid range lifesteal item option that helped them reach better ratio, by offering about 11 or 12% lifesteal it would help them sit on something decent to allow them to focus on completing the other stats they need to fufill their healthy ratio.

End game lifesteal is strong (BT elixir Wrath)

Its the majority of the game leading up to said values that its lack luster.

If your support gives no sustain (say a tahm kench, or alistar that doesn't max e first support), it would make sense to get Lifesteal quints. Except atm lifesteal quints are mediocre if you get jsut one or two. you have to get 3 to feel a noticeable difference which hurts your ability to cs with/trade etc. since your auto attack speed feels too sluggish. And it would be nice if getting a vamp scepter early didn't set you back so much that you couldn't compete with an adc that just stacked dmg. Say its graves + soraka vs mf + alisar, graves can stack damage since he has ample sustain from soraka, but mf would get vampscepter and get more utility out of alistar. In the end both offer distinct stats that rivals each other without mirroring each other. Right now its usually just about "okay who completed IE first?" or who is getting a gank from jungler.

What I'd liek to do is try to place more emphasis on the early game without increasing the end game lifesteal values. you should be able to meet ad, lifesteal and as relatively easily. Whereby a healthy ratio can contend with than a strong IE passive.

A conservative fix: bring back doran blade with flat hp return on hit. Passive: Your basic attacks restore 5 health each time they hit an enemy. bring back 2% lifesteal quints add a greater vamp scetper gives 11 or 12% lifesteal. see this thread

A fix for wrath elixir: what you could do is have elixir stack with lifesteal quints but give bonus attack speed for every lifesteal that stacks with it.
or just have it give 5% physical damage sustain instead of 10% as its a pretty strong item considering it can be refreshed as well. give it like 5 armor pen.

Lastly i posted this crit chance formula here this would help with getting more immediate returns out of crit chance investments early game. http://apollo-na-uploads.s3.amazonaws.com/1437503962/finalcritsystem.jpg