First, let's clear up a misconception.
Armor Penetration gives you a constant %damage bonus, regardless of how much armor the enemy has see here.
It doesn't matter if your enemy has 300 armor or 15 -- penetrating 10 of that will have the same effect on total DPS increase.
That said, let's take a look at why Armor Penetration is preferred, even with its linearity.
Attack Speed is easy to acquire via items.
Armor Penetration is not.
You can more than match the effects of attack speed runes with a single dagger - 420 gold.
The cheapest item with Armor Penetration is the Brutalizer at 1337 total gold. By this metric alone, Armor penetration runes are worth approximately three times that of attack speed runes.
It is easier to use items to stack Attack Speed over Armor Penetration -- but to get the highest DPS, you want to stack both.
Given that the amount of Armor Penetration available via items is strictly limited, if one's goal is to achieve maximal values for both Armor Penetration and Attack Speed, runes for Armor Penetration are much better than that of Attack Speed.
I think that if your champion has good AD ratios to their abilities, then AD runes are better because they add damage to your skills as well as your attacks. If your champion has AP ratios or no ratios on their abilities, i.e. Tristana, Master Yi, etc., then you should get Armor Penetration runes instead.
Best Answer
Well, for marks you should be running flat AD or Pen anyways and not CDR with out inefficient it is in that slot. The question becomes Do I want CDR Glyphs or MR? and also Do I want AD/PEN Quints or CDR Quints?.
Do I want CDR Glyphs? Depends on personal preference/matchup really. If they won't deal much magic damage or you think you can simply kill them instead of getting hit you will want these.
Do I wanat CDR Quints? This is the real difficult one. CDR efficiency in Quints/Glyphs is actually the same. Efficiency between AD/Pen Marks and Quints actually reduces when you move to quints. You would think that implies to get CDR Quints when looking at it that way but doing so might not be necessarily the correct choice. The more penetration you have, the most useful it gets because it brings you closer to doing true damage. Adding CDR gives you a little flexibility but the question is how much CDR do you really need with Zed as opposed to damage that lets you kill in a single rotation? You need to keep in mind that you will likely get a black cleaver which really gives all 3 of those stats at once. If you are building a black cleaver + Last Whisper, it makes the additional synergy of penetration even better since each point of penetration is almost twice as good since you will be ignoring about half of their armor already from shred + armor ignoring %. Really it comes down to preference/style. You can make plays easier with quints but do you get enough damage off by doing so?
TL;DR; On paper CDR seems more efficient. You add in items and the desire to assassinate as quickly as possible and then penetration + AD looks a little better. Late game Pen is definitely better but early game CDR can be more useful. It's honestly going to be personal preference but I favor lots of penetration.