You are correct in that the HP he gets from his passive counts as bonus HP so therefore would work with cinderhulk, but that being said he would still be a horrendous jungler.
Your first clear is pitiful at best and you have zero ganking pressure for the entirety of the game, the enemy jungler would just invade you nonestop cause most would be able to kill you 1v1 or would just keep ganking and win the game for their team cause yours would have no jungler to offset the ganks of your counterpart.
The ONLY time this would EVER work is if the enemy jungler never ganked as well and never invaded on you and your team managed to not feed in lanes, and how often do you get all 3 of those in one game? lol