Runeglaive converts Miss Fortunes Q to magic damage like Ezreals

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Uh, spell vamp works on any spell, even if it deals physical damage. Lifesteal is only autoattacks, no spells proc it (maybe on-hit effects like BORK would, maybe?).

But yeah, runeglaive could help out Mage Fortune the same way it helped Ezreal.

no many spells including MF's Q do not apply spell effects and only apply on-hit effects. its basically considered a basic attack and can be blocked dodged or parried, but with runeglaive it converts it to a spell and therefore allows it to apply spell effects when it would otherwise be impossible.

I believe AD Miss Fortune is better, but Mage Fortune is so much fuuuuuuuuuuuun!

It's like Critplank. You probably won't see it on the LCS, but damn is it fun to play. And your ult (AD does fine since how the W passive stacks on it, but bear with me here) does an ass-load of damage if you can cc your opponent first (exhaust over ignite! :D ).