TBH I think itemizing for lifesteal is fine, though I think things like Death's Dance spin it a bit out of control at times since it not only sustains you and gives you spellvamp, but it reduces burst damage by 1/3. The concept behind lifesteal is sustaining yourself while in risky positions, you're basically choosing to take damage to deal damage so its a way of rewarding yourself with small amounts of healing. Like I think you should be allowed to take more than 2 lifesteal options but you should have your damage suffer for it or your durability, none of the items listed are really efficient damage items on their own so you have to build them with other items, they're there to compliment a damage build or to synergize with your kit.
I do think defensive utility + lifesteal is a bit crazy at times, Bloodthirster usually requires you waste time farming something away from enemies and to have the amount of dmg to feed your shield and it falls off with time. The shield is very conditional. Death's Dance tho, you have 80 AD, 10% cdr, 15% spellvamp (physical) and 30% of all damage is delayed over 3s to give you a chance to lifesteal. There's no conditions for it to work, you just counter the sustain with grevious wounds or use true damage which it can't convert to counter it and those are pretty much your only options. It's always a good buy if it synergizes with your champion and is pretty foolproof. I wouldn't say this item is OP but its an 80 AD 10% CDR item that greatly increases your survivability on its own, I don't think there's much comparable to it.