Taka is a squishy burst assassin that can often be completely locked down by stuns and slows. Luckily, he has some of the best gap-closing and chase abilities ingame.

When playing Taka, you should aim to get as many kills in early game and mid game as possible to bury them under your better-funded build. By lategame, the enemy team will either
a) realize that you are squishy and focus you;
b) realize that they shouldn't run away from you as they actually have a decent chance of killing you if they stopped to hit you a few times; or
c) realize that you're bad with teamfights and focus you immediately when one happens.

A good enemy team will begin focusing you from the start. If your teammates question your capability as a Taka, remind them politely that if they had 3 people attacking them at the same time, they'd most likely die as well. If you have the privilege of playing with friends, it's a good idea to have a Taka/Ardan or a Taka/Catherine jungle duo to keep you alive and fed.

Tension Bow + 2 Halcyon Potions is pretty much a given as first items for Taka builds.

Hybrid Burst:
Shatterglass: More damage to your abilities so you can tear through your opposition.
Aftershock: Gives you *that* much more burst midgame. Why build this one after Shatterglass? Well, seeing as the high-HP heroes really don't bulk up too much in HP until mid- to late- game, and the low-HP heroes have low HP anyway, building Shatterglass before Aftershock actually helps more early to mid midgame (around level 5-7).
Tyrant's Monocle: Crits! Alternatively, you could replace this with Broken Myth, if you last more than 8-10 seconds in teamfights (given ability cooldowns + stacking time).
Lategame, you can build:
Clockwork if you are constantly out of mana or your ability cooldowns are too long to be effective in teamfights;
Shatterglass for more ability damage;
Alternating Current combined with Tension Bow(instead of Tyrant's Monocle) for doing more damage on basics; or
build some weapon power, although the alternating current + tension bow setup is probably better if you want more basic attack damage output.

Weapon Power:
Sorrowblade: This, like the Shatterglass in the Hybrid Burst build, will help immensely from early to mid midgame. As your enemies start gaining armor in late midgame, you'll need...
Bonesaw: for that extra attack speed and armor pierce late midgame and early lategame. Then-
Sorrowblade: again for that +150 weapon power. However, if you notice that in a 1v1 you're lifestealing less than you'd like, you could replace Sorrowblade with Tyrant's Monocle, or build that as an endgame item.
Lategame, you can build:
Tyrant's Monocle (if you haven't already) for those healing crits;
Tornado Trigger for more attacks, and consequently, more crits and more basic attacks
Another Sorrowblade (if you only have 1) to crush the opposition under the power of staring at your screen as you autotarget and kill everything; or
Clockwork build some cooldown for better chase and skill-dodging potential.

Ideally, you want these team compositions:

Taka + SAW + Ardan(Jungle):
Hard hitting, high chase potential both in jungle and lane. Good sustain.
SAW is probably one of the strongest early game laners, and won't require your assistance too much, leaving you in peace to farm and level up rapidly. In teamfights and in lane, his slow gives you the perfect opportunity to gank/ hit people multiple times without them running too much. However, if a person caught in SAW's Suppressing Fire looks like they'll die to it, don't steal his kill. He needs the food, too.
Taka + SAW + Ardan(Lane/Roam- this usually happens when enemy team has 2 laners, one of which is also a SAW):
Hard hitting, good chase potential in lane, less in jungle. Good sustain in lane and in teamfights. Be careful alone in the jungle, though.
Less ideal, but you'll do fine. Ardan can still assist you in teamfights, and SAW probably needs the help anyway. The enemy team will likely only have 1 jungler, and if that 1 jungler doesn't get the first kill, you should be able to dominate the jungle.
Taka + SAW/Other Laner + Catherine(Jungle):
Good chase, good teamfight potential.
If you're low on health don't run away too far as it's likely that Catherine is planning to stun someone and needs your help taking them down.

If your team is something like this, it should be fine, but it's not ideal, especially if you're facing a team with a lot of stuns/slows:
Taka + SAW/Other Laner + Catherine(Lane/Roam):
Honestly, proceed as normal. She won't affect you too much as she's too busy stunning people in lane. A Catherine mostly staying in lane usually means there's only 1 jungler on the opposite team, so as long as you be careful and use skills to dodge damage, you should be fine.
Taka + SAW/Other Laner + Krul:
Good at sustained (see: ~10 second) teamfights, mediocre chase. Okay teamfight potential since there's a low amount of slows/stuns.
If the laner is squishy (see: Ringo) it's likely that they'll have to suffer through a few deaths since they don't have any support. You'll have to take some time out of your jungling to help them in lane, though.
Taka + SAW/Other Laner + Koshka:
You two'll be fine as long as you're the ones chasing. However, if the enemy team has a stun, and one of you gets caught up in it, you're likely dead fox meat either from a) getting caught in it b) Koshka getting caught in it, you attempting to help, then dying because burst not high enough against 2 people without her or c) running away to save yourself, then getting killed by the sarcastic thumbs-ups and sadface x 2s from your teammate.

Avoid choosing Taka if your team is:
Taka + Petal + Ringo:
Gahhh no stuns, a mediocre slow, squishiness all around. Just... don't. So unless you're willing to possibly face a team with actual teamfight potential (which, by the way, Taka+Petal+Ringo don't, do NOT lock in as Taka. The only way to save your team if the Petal and Ringo autolocked is if you choose Glaive, although Krul could possibly work as well.

[more to be added as I encounter good/horrible team comps]