A build I've been working on for a little while that is newly viable thanks to the Armlet, Orb of venom, Shadow blade and Counter helix buff.
0-4-4-1 @ level 9 maxing helix first. This greed type of build will allow you to farm exceptionally faster than a max battle hunger one point taunt build. I hate the idea of not getting taunt, but unless your jungle lane is against a dark seer, wind runner, broodmother it's kind of necessary to skip taunt until later for this build to to be truly effective because it merits very high GPM and XPM with proper stacking, and all of the farming does pay off substantially.
Starting items - Stout shield - ring of prot - health pot, ferry set of tangos 10 seconds in via courier.
Early phase - Tranqs - soulring - medallion - Orb of venom. Note that orb of venom isn't needed...but combined with battle hunger and an auto attack that's a 20% move snare. ( pudge rot )
Then into Armlet - Lothars ( meld particle first ) - Skadi - Heart - AC
The meld is great during night time for position of stealth taunts, but during day you'll need smoke to get into good position for counter push taunts/team fight taunts. Mid tier 1 tower push contest for example.
Another perk to this build is once you buy your Helm of iron will you'll be sitting at +14 armor and 9hps regen a second, not including his base 2hps. Armlet completed you are at 14hps plus tranquils activation, and 100% mana regen with the addition of soul ring active. There is zero downtime to this build which is why it's so powerful. You get the sustain of a vanguard. You can gank, use your cull and be at 10% and zero mana and hop in the jungle and by the time your Cull is back up you'll be at full health and 80% mana.
I don't think I have to tell you how godly medallion is for ganking with axe and his 200 damage helix's or the damage output of an Armlet + Lothars. The biggest perk to Medallion is being able to double pull camps since it aggros neutrals and has incredible cast range.
I've had such dominant success with this build and have played over 200 axe games and this is by far my favorite build.
Tranquils - Easily the best boots early on for axe as they grant an early move speed advantage to land taunts, and grant great jungle sustain.
Soul ring - Will allow you recieve mana in a tight spot, and will let you come outside jungle every now and then and spam battle hunger on your lane. (closest to jungle)
Urn of Shadows - This will grant you a small bit rewarding chunk of health, will bring you up to 100% mana regen and will allow you to heal allies or DoT Bomb with Urn + battle hunger will deal 620 damage assuming battle hunger last it's full duration. A great finisher tactic.
Disassemble Tranquils to Mek - This will be fairly cheap to obtain considering its relatively cheap price and you already have 350 gold invested via Tranquils. This will make you super tanky on top of it's activation heal. Will allow your support to buy midas.
Mana boots - Great for team pushing combined with Mek, will allow you to completely take over the support role for the first 25 minutes, and entirety of the game outside of Pipe.
Dis mana boots for Blood stone - This will make you into a Martyr build. You have 3 sources of heal now. Mek , Urn and Blood stone on death activation. This will make it so no matter what your team will never die.
Phase boots - After Blood Stone these will be great for high mobility and granting some needed auto attack damage.
Aghanims - This will make you the Reaper they fear.
Assault cuirass - Buff your Helix damage and provide a team aura and a tower siege aura.
Mjollnir - Great for the attack speed and damage output without having to have previous damage items. And the Static buffer is great with taunt.