the real casualty of the jungle item increase

You 100% can start with the upgraded jungle item. Just wait at base for the extra gold and you'll have enough for the upgraded item (no pots thought so get the farming upgrade to start.)

You will get to the first camp JUST as they spawn.

The bigger issue is that the jungle XP nerf REALLY hurts. You don't get level 2 until after you've cleared 2 full camps. That really hurts some junglers.

As an aside, there's almost no reason to have a jungler anymore. A dual lane can stay XP even with the jungler who power clears. The only upside is that you're getting some extra money onto one of the characters. Tough to say if it's worth it though. If they enemy is dual laning they can zone your solo laner pretty easy.