1. Gank him and you will be fine
The problem with Lycan is, that he can actually win ganks 1v2 if you do not have 2 really good nukers. The dmg of his lvl 3 wolves is just insane on low levels. Last time I did this with I dont know which heroes, we could bring him down easily to red hp and then Furion ported in and killed us together with the freakin wolves
I dont say you cant gank him, but it is not as easy as for some other Junglers. And the enemy on your lane gets freefarm for that time.
I liked picking Bane vs Lycan for obvious reasons, the problem is that your ultimate is channeling and you might get interrupted or killed while you hold him in place. I think the idea of picking Razor and get Link pretty early might work well, but if Lycan doesnt get disabled and is smart, he will break the Link fast and easy through his max speed. So you might even need to max Link first, to make the drain fast enough.
The worst on Lycan are his wolves imo, because they give him such obscene earlygame dps
Without this advantage he would have something like a vulnerable phase like every other carry...atm Lyca is a dmg-machine from lvl 3 to lvl 25.