Translating If-Then-Else Control Flow Idiom to F#

I was reading through Juval Löwy's Programming WCF Services book and wondering if I should do a series of WCF blog posts in F# based on Löwy's book when I ran into a common construct found in C# programs. That construct looks something like the following C# code:

    public static void MyMethod(String oldstuff, String newstuff, bool flag)
    {
        if (oldstuff == null)
         throw new Exception("oldstuff is null!");

        if (newstuff == null)  {
            DoSomething("Default");
            return;
        }
        if (flag == false)  {
            DoSomething(oldstuff);
            return;
        }
        DoSomething(newstuff);
    }

This is a construct that I oftened have used in the past and have never thought about it much. But when you translate the above code directly into F#, it becomes a lot more verbose because F# requires you to implement the then clause. A direct translation to F# as follows:

let mymethod oldstuff newstuff flag =
    if oldstuff = null then 
        raise (new Exception("oldstuff is null!"))
    else
        if newstuff = null then
            DoSomething("Default")
        else
            if flag = false then
                DoSomething(oldstuff)
            else
                DoSomething(newstuff)

If I had a lot of these if-then-else statements in my C# method, then my F# version would disappear off the screen to the right if I tried to implement it by direct translation. I thought about how I could implement this in F# and came up with this following possibility:

let revised_mymethod oldstuff newstuff flag =
    let (_,action) =
        [(oldstuff=null,  lazy (raise (new Exception("oldstuff is null!"))));
         (newstuff=null,  lazy (DoSomething("Default")));
         (flag=false,     lazy (DoSomething(oldstuff)));
         (flag=true,      lazy (DoSomething(newstuff)))]
        |> List.filter fst
        |> List.head
    action.Force()

Rewriting the C# code in this fashion makes me think of rules engines and after refactoring out some common code, I could rewrite the above F# code as follows:

let followrules (xs:(bool*Lazy<unit>) list) =
    (xs |> List.filter fst |> List.head |> snd).Force()

let revised_mymethod2 oldstuff newstuff flag =
    [(oldstuff=null , lazy (raise (new Exception("oldstuff is null!"))));
     (newstuff=null,  lazy (DoSomething("Default")));
     (flag=false,     lazy (DoSomething(oldstuff)));
     (flag=true,      lazy (DoSomething(newstuff)))]
    |> followrules

With this new construct, I can easily re-arrange the order of evaluation, add or remove new conditions. This new construct just seems to have more advantages than the old if-then-else construct in F#.