I believe this item is still viable for top lane almost primarily because of the free ward. I normally end up buying 6-8 wards during the LANING phase alone, After 7 wards, the sell value on Wriggle's is worth more than you actually paid for the item.
Now, say you keep this item throughout the game, it's like having two cloth armor, a vamp scepter, and improved Ignite on cooldown. (5 bonus AD) As well as a free ward every 90 seconds, that's roughly 8 gold per ten and the most efficient gp10 item in the game other than sightstone.
The proc on the lantern also greatly helps with dragon and baron control throughout the game as well as counterjungling the enemy! Sweeping down for the red or blue buff when you know it should be up and the enemy jungler is occupied elsewhere.
I'll be running some tests to back up the efficiency of the item in the top lane. The proc still does effect lane minions, and you wouldn't start with the machette. Maybe if you went cloth + 5 red sodas at the start and built into the razer, one ward, and boots on your first back, then got your Wriggle's, you wouldn't be down any gold. And cloth +5 is fairly common against certain toplane opponents. Especially if you get counterpicked and you know you're going to need to last until your jungler can gank.
Just some food for thought, I'll update later.