% pen is calculated before flat penetration
I forget the math so I guess I'll just do it again and you'll see the pattern
at 35 armor 45% is
15.75 penetration
at 85 armor when old black cleaver was optimal 45% is 38.25
the old 35% penetration actually wasn't very effective until like 125 armor.
so the equation to figure out where one becomes better than the other using this line of thought is this
= 
60AD + 20 penetration = 50 + 45% penetration
and
20 penetration = 45% penetration
going to add the ideal scenarios to 2 more things in a sec (referring to passive and active)
ok lets start with the easy one
20 penetration is 45% of something
x * .45 = 20
x = 20/.45
x = 44.4444444444
so ignoring cost effectiveness and other things like passives and actives and attack power LDR is more effective after 44.4444 armor for penetrating armor
before I continue lets have a look at the actual equations though. I'm going to give you something, I don't know what it will look like as I type this, I'll give you a separator and the answer that you can copy paste into google to get better results since there's no actual finite number of significant values to deal with (you should get a graph if you have java on your computer)
first the penetration formula, mind your order of operations, inside parenthesis first and multiply/divide before add/subtract
raw damage * modifier = total damage
modifier = 100 / (100 + armor - (armor * % penentration + flat penetration))
ghostblade is
60 raw damage + champion base damage or really any other damage they have. I'll account for this later
so 60 * 100/(100+x-(x*0+20)) = youmu's plotline
then for LDR its 50 * 100(100+x-(x*.45+0) = LDR
Then if you want to include the passives, LDR gives up to 15% more physical damage and youmu's gives 40% attack speed and cdr and some other stuff but right now I'm looking only at damage, the utility wont be considered
alone is 60 * 100/(100+x-(x0+20)) but add say 70 base damage and you get 130 * 100/(100+x-(x0+20))
x = armor
plug this into google for several plotlines based on damage or just play around with any one of these separated by commas by changing the values, remember that x = enemy armor and the first number is your total AD or the damage on your ability. Whichever works.
60 * 100/(100+x-(x0+20)), 50 * 100/(100+x-(x.45+0)), 1.4*(60)100/(100+x-(x0+20)) , 1.15*(50)100/(100+x-(x.45+0))
respectively these 4 represent
vanilla damage,
vanilla damage,
ideal effective damage with active on,
ideal effective damage with passive considered
conclusion
in terms of raw damage at any instance in time I believe that against a player with zhonyas in a realistic scenario LDR will pretty much always deal more damage unless your abilities have extremely high scaling with AD, so much that 10 AD makes a huge difference
youmus becomes better if you have some sort of AS or MS scaling but that's a different story, it also gives CDR which increases damage over time
realistically the difference in damage of LDR is unlikely to overcome the utility of Youmus especially since youmu's doesn't care what the enemy builds and LDR depends on them having a lot more stats than you but LDR has more damage potential overall in ideal scenerios AND the worst case scenario if I was reading the chart right