Each Cleave level requires 3 skill points, and you get 12 attack chance, 0-2 attack damage and 3 AP on kill.
Spending skill points on Weapon Accuracy or Hard Hit is not worthy in my opinion. Weapon Accuracy is 2.4 levels worth and Hard Hit is only 1 level worth. Also, if you have Evasion 4, you should be able to make use of hit-and-run strategy, which makes AP on kill less valuable.
Yeah you are probably right. But it will be ages to wait.
It has 3 attack damage and 5 attack chance less than Villain's Ring. Block chance is not that important because of the hit-and-run strategy.