First of all shadow blade is easily countered(wards.dust...),especially if you play with experienced players.
People prefer blink dagger or force staff,both of which are similar to waweform so those items aren't too useful on morphling.
You might have idea to blink in or appear with shadow blade,do some damage and then escape using waweform,but remember that you should properly use your ultimate for that(escape-blink to the created illusion that you left in safe place).
Shotgun Morphling" focuses on getting an ethereal blade as soon as possible,buying shadow blade will just delay that and bring you only something you already have.
Shadow blade would work better with BKB/Satanic when you intend to hit you opponents rather than nuke them with magic.
Below you can see how you can surprise you enemies from a distance by waweforming and using ethernal blade(it has decent range),in addition you can use adaptive strike+morph agility(lots and lots of it),and then get away with you ultimate.