Ruled surfaces found in engineering parts are often blended with a constraint surface, like the blade surface and hub surface of a centrifugal impeller. It is significant to accurately machine these ruled surfaces in flank milling with interference-free and fairing tool path, while current models in fulfilling these goals are complex and rare. In this paper, a tool path planning method with optimal cutter locations (CLs) is proposed for 5-axis flank milling of ruled surfaces under multiple geometric constraints. To be specific, a concise three-point contact tool positioning model is firstly developed for a cylindrical cutter. Different tool orientations arise when varying the three contact positions and a tool orientation pool with acceptable cutter-surface deviation is constructed using a meta-heuristic algorithm. Fairing angular curves are derived from candidates in this pool, and then curve registration for cutter tip point on each determined tool axis is performed in respect of interference avoidance and geometric smoothness. On this basis, an adaptive interval determination model is developed for deviation control of interpolated cutter locations. This model is designed to be independent of the CL optimization process so that multiple CLs can be planned simultaneously with parallel computing technique. Finally, tests are performed on representative surfaces and the results show the method has advantages over previous meta-heuristic tool path planning approaches in both machining accuracy and computation time, and receives the best comprehensive performance compared to other multi-constrained methods when machining an impeller.