I've played a quite a few games with twisted fate, and have tried many, many builds.
I have never lost a game with this build. 
I wrote this guide because I'm tired of Physical "Carry" Twisted Fates, and Twisted Fates trying to tank, carrying Rod of Ages while doing zero damage. With this build, Wild Cards will hit like a brick.
--
Item Build:
Sapphire Crystal
2 Health Potions
Boots of Speed
Sheen
Upgrade to Sorceror's Shoess
Mejai's Soulstealer
Upgrade to Lich Bane
Haunting Guise
Zhonya's Ring
Last item is up to you.
--
Before anyone says anything about being too squishy, this is Twisted Fate.
If played properly, he shouldn't ever be focused in a team battle, and even if he does, thats what summoner skills are for.
I take Exhaust and Flash for survivability.
Late game I'll have around 2,000 HP, which is more than enough.
My runes are specced for Magic Pen and Health.
--
Does this build work in Top ELO?
Yes.
In fact I regularly face Top 500 all the time. 
--
Bigger version of attachment =
http://img96.imageshack.us/img96/3017/tf2d.png