tl:dr
I haven't actually tried this path in a ranked match, but I'm curious as to how viable it is compared to other junglers. I grab exhaust instead of smite for better team play, seeing as how smite is worthless outside of the jungle, and still clear the jungle in 4.5, destroying all camps.
I did a little research, and here's what I've gotten to work really well.
Runes
9x Armor Pen (red)
9x Armor/lvl (yellow)
9x Magic Resist/lvl (blue)
3x Armor Pen (Quints)
I believe this rune setup allowed me the greatest survivability late game while granting me just enough to effectively jungle early game.
Masteries
I have 1/21/8 Taking 1 point for enhanced exhaust, maximum survivability, and a point in ghost with improved XP.
Build
I start with Vampiric Scepter and build it into a Bilgewater Cutlass after getting Mercury Treads. This allows me very strong early game damage once I begin my first gank.
The Pattern
Now, I practiced some custom games with this, and tried it once in a normal game, and to say the least, it worked really well. I've only ever played Xin in the jungle, and I do fairly slow with him (I carry ignite) but stay at full life.
I sit at spawn after buying Vampiric Scepter once minions spawn so that I can grab a health potion (just incase). I've never needed it, but I always use it during the fight with golem to ensure I survive.
I find that I can make it to golem 4-5 seconds after he spawns after buying the pot, so I don't lose much time in the fight, but the extra health I find is very worth it.
What this allows me to do (I grab Q first) is kill golem and then his spawns. I can then clear the wolf camp, the wraiths, the lizard, and the twin golems in one run in about 4.5 minutes and be at level 4. I skill QWQE
This gives me enough gold to recall and buy a pair of boots, and retain the red buff long enough to commit to a gank.
Any extra money I make, if I dip back into the jungle or get the ganks, I put into the Bilgewater Cutlass first. The extra slow, with the exhaust and the extra damage is very nice.
Although I could build it to finish a gunblade, I've never made it that far, once I finish the cutlass I then produce a Sheen and build it into a Trinity Force. This allows my Q to do incredible damage, while still having excellent chase.
Opinions
To anyone who mains a jungler or more. Is this rank match viable?