Ive trialled it and its doesn't feel as good as when you finally need to enter teamfights you lack that extra oomph, plus you dont stay full health from poking with cleavers :p

I'm sure it could be subbed in earlier rather than adding the black cleaver at the end but in the games I played I found warmogs just helped you stay in lane a lot longer to provide that consistent pressure, and if you are building hullbreaker any later than 3rd item I feel it falls off a little bit, I'll give it a test run or two though to make sure and I'll get back to you :)