Ooh I do love me some theory crafting.
MANA COST:
3% of your current mana per hit, 5.0 AS.
100%>97%>94.1%>91.3%>88.5%>85.9% in one second.
by my workings you go down to 41.3% of your max mana in 6s (W duration)
Assuming you continue to auto attack, in 9s more, you fall under 20% mana and lose the Muramana passive
With a 7s CD on your W, you're not really going to notice much difference so lets say 6s(W1) + 7s(CD) + 1s(W2) = 13s if you never stop auto attacking - and lets not forget you've spent 80 mana on casting your W.
Realistically, people will be dead before then, and you're not going to be perma attacking because kiting, people running away, etc. So lets say you have around a 20s window in which Muramana is useful, and then it's gone - and that's ignoring any other abilities you're casting.
All of this is WITHOUT the Ghost Hit passive from Rageblade, which will only exacerbate the problems. I'd estimate around 13-15s of effectiveness.
DAMAGE CONSIDERATION:
By my calculations you should have 2002 mana at lvl 18 with this build so you're gaining 120 damage max per auto
If you took Infinity Edge instead, you gain 70 AD, 20% crit and 50% increased crit damage. so 50% crit total dealing 250% damage.
before IE (without MM) you have 176 AD and 30% crit so over 10AA you gain 3 x 176=528
with IE you have 251 AD and 50% crit so over 10AA you gain 5 x (251 x 1.5)=1882.5 which is an increase of 1354.5 over 10 AA
Muramana gives you 65 AD and 0% crit so over 10AA you gain 3 x 241=723 plus 120/116/113/109/106/103/100/97/94/91/88/85/83/80/78 on hit which comes to 2192 or an increase of 1663 over 10 AA
SUMMARY:
So you deal 300 more damage every 2s, but drain your mana ridiculously quickly, and only have the increased damage output for max 15 seconds.
I don't know about you, but I'm feeling like it's not worth it. I'd rather not be draining my mana away over a 15s burst of destruction when I could deal slightly less damage for a longer 30-40s teamfight.
tl;dr why did i do this, read the summary
EDIT: in the grand scheme of things you also need boots. Didn't think of that one.
EDIT2: I also forgot the Rageblade ghost hit passive. Am working on that now. (DONE)
EDIT3: Also Runaan's but that requires more work than I can be bothered with + is situational.