Thoughts on building Jungle Fiddlesticks?

I was curious to hear thoughts on early builds from anyone who's played much Fiddlesticks since Runeglaive came out. The truth is, none of the jungle enchants are good on him (with Runeglaive being the best simply because the stats are generally appreciated), which I think leaves him with three options:

1. Just build Runeglaive. You still get your jungle item for extra gold income and clearing speed or a combat ability, and if you don't count the cost of the upgraded Machete, Runeglaive is still 129% gold-efficient, with the AP and CDR being very appreciated stats.

2. Upgrade the jungle item, but delay or avoid Runeglaive, and sell the jungle item at full build. The main reason I'm not sure that I like this option is that the jungle item itself isn't efficient for PvP (a lot of its value comes from extra gold income in the jungle), and the purpose of the enchantments is to provide an efficient option to junglers to help them "catch up" in terms of combat effectiveness. So, if I'm going to build the upgraded Machete, I'm sort of inclined just to go all the way and buy Runeglaive; it's basically mini-Morellonomicon at the point that you've already upgraded Machete. Alternatively, I could just...

3. Avoid Machete altogether, starting Doran's Ring instead (or maybe Amp Tome). This build acknowledges that none of the enchants are good on Fiddle, but Drain means that you can survive the jungle without Machete. This build may sacrifice some clear speed, and definitely sacrifices some gold income from the jungle, but tries to recoup the loss by putting the Machete money to better use, and by getting Zhonya's and such more quickly.

Anyway, I'd be curious if anyone had experience or thoughts to share on this.