42 MR. Ninja Tabi's damage reduction only applies to autoattacks, which, under most circumstances, only affects physical damage. So you're only benefiting from the 29.6% damage reduction from PD and Red Smite.
Which ... means you need less that a Null-Magic Mantle to match that damage reduction.
So by grabbing Ninja Tabi and Null-Magic Mantle on anyone but Thresh, you'll reach a greater amount of damage reduction Ninja Tabi + PD + Challenging Smite far earlier, for far less gold, against every enemy.
So, yeah, considering that offensive AD champs are not barred from getting defensive stats ( hell, they're the only ones that can even use lifesteal well in the first place ), this seems like perfectly acceptable amounts of bulk stats on items that provide both them and offensive ones, especially considering they're all extremely conditional bulk stats. PD only works on your attack target, Challenging Smite requires you to take Smite and only works on your Smite target, and Tabi only works on autoattacks.
Remember, you can buy anything that builds out of Cloth Armor to get the same amount of damage resistance against autoattacks ( and physical damage in general ) from literally all enemies, after a few levels on anyone that isn't Thresh.
It's worth remembering that all the conditions? They're basically all dueling conditions. Literally all these defenses vanish as soon as the guy jumps on one on your teammates and your AP blows their load on them - which is only mitigated by their base stats now, because PD and Challenging Smite are only affecting the damage from the guy that just got jumped on, and Ninja Tabi does absolutely nothing against magic damage ability users.
So, yeah. If there's two things that you should take from this, it's to always make sure your team comp has worthwhile magic damage, and to not try to 1v1 the guy who's literally itemizing entirely around being unable to be fought 1v1.