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I've tested AS Cho in hundreds of ranked games. My opinion is that it works spectacularly as a pubstomp build, up into the lower gold MMRs. Moving up into platinum, the success rate falls off steeply. The transition from low gold -> high gold is when teamfights really begin to take on a more organized shape. AS Cho is spectacular at just sitting there and putting out massive damage, which is awesome in disorganized teamfights. Once teamfights begin to take on the traditional "peel for your squishies or dive enemy squishies" format, though, this role really diminishes in value and viability, so AS Cho falls off as well. No matter how good a champion is at a role, it doesn't matter if the role itself is obsolete.
I'll summarize the three main Cho builds we're talking about:
1. Tank Cho
Builds health+resist items that also provide good CDR and utility.
Examples: Randuin's Omen, Runic Bulwark, Frozen Heart, and Locket of the Iron Solari.
Tank Cho tends to focus on peeling for his carries. Throws some ruptures onto the enemy ADC and silences onto the enemy ADC/APC to help out the diving tanky DPSers on occasion, but his main focus is peeling. When necessary, he can also participate in zoning out the enemy squishies, but due to the lack of kill potential with a tank build, once again his optimal role is usually still peeling.
CDR maximizes his peeling potential, the tankiness allows him to stand in front of or on top of his carries to soak damage, and items like Omen/Bulwark/Locket help simultaneously beef up his carries and cripple the enemy divers.
2. AP Cho
Builds pretty standard AP items, with a slight lean towards the items that grant defensive stats too.
Examples: Rod of Ages, Rabadon's Deathcap, Abyssal Scepter, Athene's Unholy Grail, and Seeker's Armguard.
AP Cho is a damage dealer. He focuses on trying to instagib the enemy squishies, as his strong AP scaling makes his kit optimal for quick executions. At 500 AP, rupture into feral scream into feast will gib most any squishy, or at least take it out of the fight.
AP Cho MUST lean into tankier AP items. Due to his melee nature, Cho cannot make use of his full kit (feast) without being right on the enemy carry. As he doesn't share the same escape abilities as other melee AP's like Fizz and Kassadin, this means he needs the durability to wade through the enemy team to take out the ADC. Luckily, Cho synergizes very well with the tanky AP items, and with his feast stacks added on, AP Cho nearly matches up to Cho in relative durability.
3. AS Cho
Builds AS items, often ones that add AP and on-hit effects. Relies on Cho's innate tankiness due to his feast stacks to become a sort of pseudo-melee carry that doesn't just pop like a balloon.
Examples: Nashor's Tooth, Wit's End, Malady, and Rylai's Crystal Scepter.
AS Cho is a sort of gray ground that fills neither the role of a peeler or a diver. It's the squishiest build of the three, as AS items provide next to no durability. He can't burst as hard as AP Cho, and does not provide as much utility as Tank Cho. The result is a champion that can't effectively take out the enemy carries, and can't effectively peel for his own carries either. But AS Cho has the highest sustained damage output of all three builds. Cho has the highest natural base AD in the game at level 18. Combined with Vorpal Spikes + AS + AP, his autos have obscene DPS.
This is why I regard AS Cho as a low ELO pubstomper. He is self-sufficient. He is much tankier than your average carry due to his ultimate, he can peel for himself with his Q and W, and he has a true damage execution skill, all on top of his massive auto damage. He does not and cannot fill any regular teamfight role efficiently, instead he can basically act as an entire team on his own. He has high damage output, above-average durability, and the ability to peel for himself. At low ELO this is perfect. You don't need to rely on your teammates to perform, as you can do it all yourself. As you approach higher ELO this is terrible. Teamfights are much more organized, and having an oddball champion doing his own thing can be a huge liability to your team, as it decreases both dive potential and peel potential.
In other words, yeah AS Cho is viable, especially where you are standing on the ladder. AS Cho is exactly how I carried myself up through silver and into the low golds (granted I opted for a slightly more durable build with Warmog's+Frozen Heart+Bulwark+Wit's End+Nashor's Tooth). However, the viability of this fell off a lot once I hit gold, and I continued via Tank Cho, AP Cho, and Support Cho as opposed to AS Cho.
TLDR: Yes, your build is more than viable at lower MMR Solo queue. It's actually monstrously strong. But your success rate will continue to fall off the higher up you climb.
I also recommend testing out bruiser Cho over AP-based AS Cho. Pick 2 out of Bork/Zephyr/Wit's as offensive items, then build tank items like Randuin's and Bulwark, with a possible Frozen Mallet as a midground. That worked out pretty well for me when I was trying out AS Cho. Slightly less damage output, but a lot more durability.