In the past, I went with the double ramping items, in certain game modes that lacked a lot of CSing. (These were usually the featured gamemodes like Ascension or TT Hexakill) The Philosophy behind that was, If I can't scale off Minion farm, I'll scale off time.
This begs the question, if your not going double stacking, Are you going Tear, or RoA? RoA might still be good, given the tanky stats it gives you, though it does not have much in regen. (And I think a lot of Karthus builds require two mana items)
Regardless, Crystal scepter is a good option, especially if you are not going RoA. It does make up for the loss of HP from not taking RoA. And the Slow does help chase down the enemy.