Different champions have different numbers of crit cloaks to buy, and different successes with it--two crit cloaks on Tryndamere is all he needs, to build into ER-IE, and double-crit cloak is what, sayyy, foggedftw2 would build on Trynd given 1600 gold on a back. Two crit cloaks is probably the more pragmatic approach for this on most champions. The idea of four crit cloaks was something meant for Caitlyn, who gets a lot of mileage from her passive out of crit chance.
And my thought was, "Well, when I first started playing Ashe I was building Caitlyn items/runes on her anyway, and she can have many of the same effects as Caitlyn, including her own passive benefitting bigtime from crits, so...why not?"
So I'm building four crit cloaks. What those four crit cloaks build into, that's flexible. Objectively speaking, probably one of the smarter builds would be Infinity Edge, though personally I don't really like using infinity edge. It's an item that I'll build when being serious, but for fun it's just not that satisfying to me.
The best hands-down would be Essence Reaver, because Ashe desperately needs the mana. Really really desperately, needs the mana. Plus Essence Reaver's one of the strongest items in the game, with one of the highest attack damages in the game (is there any item which gives more than 80? Quite a few have 80, and while ER isn't quite that high it is a mighty respectable 70 which is still higher than most items in the game), the standard 25% crit chance, an amazing 20% cdr, and the mana regen which Ashe really needs.
Phantom Dancer is an item that I usually don't like to build, similarly to Infinity Edge, but unlike IE where I'll only build IE in a game I'm taking more seriously, I'll still build PD in matches for fun--not as my first crit item and ideally not even as my second, but the defensive passive from it not to mention the movespeed is a godsend because even with boots of swiftness, Ashe is too slow most of the time, easily caught out and even if she's not caught out, often has trouble getting to a fight in time to actually meaningfully contribute to it and in spite of being a champion who should be able to poke, is easy to run away from. PD helps fix all of those issues, so it's usually one of the four. Combined with Essence Reaver, that leaves two crit slots open.
And the most satisfying are statikk shiv and runaan's hurricane. It doesn't give me the full-energized build I'd love to run (which would be four crit items of stormrazor, statikk shiv, rapidfire cannon, and runaan's hurricane for maximum waveclear), but it's still really good at waveclearing and really good at dealing decent damage with some defense built in.
I never really get the time for a final item. Heck, I usually don't get to finish all the crit cloak items. Regardless of win or loss, I usually get to finish 2-3 of them, but even if I get all four, I don't have the ~3k necessary for a final item. This build uses my standard lifesteal-heavy runes, Fleet-Bloodline-Overheal-Ravenous-Taste of Blood, so it has some reasonable lifesteal built in, but the best final item for this build is ideally a lifesteal item, or trinity force for extra cdr/mana.
I do get teammates pinging me with "Ashe...what are you doing?", but so far I've actually not had them flame me for it in spite of them pinging the crit cloak rush every single game. And you know what? I think that might just be because it actually works? It gives up on an earlygame powerspike in favor of a massive midgame powerspike which once built, is easy to snowball.
Plus.
Four crit cloaks as my only items still has me outputting reasonably high levels of damage in teamfights. 100% crit chance on Ashe makes her attacks slow by 40-60%. Each attack on a slowed target deals 10% (+100% critical strike chance) additional damage. As in. With 100% crit. 10% + 100% extra damage.
So whatever Ashe's normal attack damage would be. It is 210% of that, I think. 235% if you did have Infinity Edge on her. Mind you. I am not an expert at reading, understanding wording, what it means, how it applies, in the game, and have a very poor concept on numbers, math, how it works, and so on and so forth. So maybe my math is off.
But if Ashe is dealing 111 damage without items, then 210% of that is 233.1 damage per hit (on top of the original I think? So, 111+233 = 344), without items. Throw in 70 attack damage from Essence Reaver, 181. And if you have another attack damage item. 55 from Stormrazor; 80 from death's dance; 80 from infinity edge; 50 from mercurial scimitar; 40 from black cleaver; technically 25 from trinity force; 80 from bloodthirster; 40 from blade of the ruined king; 50 from sanguine blade.
Presumably having only one of those in addition to ER. That's 206-261 damage + the extra, which is 432.6-548.1 + 206-261 = 638.6-809.1 damage, per hit.
Not taking enemy armor into consideration of course, which naturally reduces that somewhat. But if my understanding of that is correct, if my understanding of how it works is right, then 630-800 damage, per hit, when I'm launching multiple attacks at a rather rapid rate (about two attacks per second; not the attack speed cap of 2.5, but pretty darn fast), that's in theory a lot of damage being output.
Mind you.
In practice.
I suck.
I am not that effective.
But it's still something which doesn't take much to make work well, so I'll continue trying to experiment with running it.