The thing is, mage champions don't really need the extra health as much as they generally have harder CC than ranged carries, which means you purely need AP and MPen. Plus you don't really need that much mana regen early on. I think it may work on certain champions and I have been guilty of stacking 2 of these on Morgana but I even think 3 of any Doran's item is too much. I like to stick with 1 to start and if I really need more survivability in the laning phase then I might pick up a second. In terms of rushing Zhonya's, that actually is a good strategy once again dependent on who your playing. Champions I have used this tactic on were oddly enough Jax and Twisted Fate (they have passive damage dealing skills scaling with AP, does that mean in buying AP I'm sort of buying AD/DPS? another intriguing question..). But yeah, Doran's stacking can be a bit too much.
Rod of Ages is a much better early-game item than Zhonya's/Banksy's though, since it gives you health and mana as well which you both need during mid-game on a mega squishy.
It's better to go Rod of Ages -> Deathcap -> Archangel Staff for pure AP builds, more AP/100G at each stop than when you build the Deathcap first. Also, less squishy, and RoA caps out sooner.
It's better to go Rod of Ages -> Deathcap -> Archangel Staff for pure AP builds, more AP/100G at each stop than when you build the Deathcap first. Also, less squishy, and RoA caps out sooner.

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Have you ever experimented trying this out with Zhonya's Ring?
While this build may just be completely wiped off the table with the next patch (deciding between the Zhonya's Active or Passive, this would be like paralleling it to rushing the Passive) have any of you guys tried this out? I figure it'd help offensive capabilities much like Infinity Edge rushing but with less survivability (maybe?) but it actually doesn't seem like all that bad of an idea, you already have 45AP + Rune AP to scale off with Zhonya's and adding onto that might help. Zhonya's is also a lower-costing item but mage ability to farm isn't the best in the game. Meh, just wanna know what anyone thinks maybe.