The MC does not have 180 base damage. It has 90 base physical and 90 base magical. If it had 180 base physical damage with two S scalings and an A scaling, it would be completely broken. There is a big difference. For one, the S ratings do not increase the magic damage, and Faith does not increase the physical damage. Additionally, it will be affected by both physical and magical defense. As it is, it's outclassed by the Crescent Axe for damage, and even moreso by the Great Axe, though the GAxe does sacrifice some range.
Meat Cleaver must split stats between Strength, Dexterity, and Faith to really meet its full potential. Even then, you aren't going to get as much out of cursing/lighting it. You won't have a high magic, and the base physical damage isn't as great as a GAxe/CAxe. Without Faith, the Magic Damage is completely useless, as it will be almost completely soaked up by a person's magic resist. Even with some faith, anything with high magic resist, including other Faith builds for PvP, will also annul it.
Since you already have 40 Strength, I'd suggest sticking to a DBS+5 which will greatly outdamage it, especially when cursed., or, if you like the playstyle of Meat Cleaver, grab a Crushing CAxe/GAxe +5.
If you plan on taking your character up to extremely high levels (200+), then you might want to switch out the GAxe/CAxe for a Meat Cleaver. With high levels of Strength, Dexterity, Magic, and Faith, it can absolutely destroy with iCat Light Weapon. However, the DBS will outdamage it at all levels when cursed. Although, I think it might be possible to eventually get a Quality Greatsword to outdamage the DBS, I'm not really sure.