I would say specral swords is now balanced (again assuming the .8 scaling on the dot is total).

The ult is better, but still has room for improvement. Personally I'm not a fan of channels and fears, so realize this post will probably be biased. Anyhow, I think a 2 second channel for a small aoe ult which doesn't reposition you (i.e. fiddle ult) is too much becuase you'll rarely land it (it'll be like a nunu bush ult, effective if no one knows it's coming), and because the ult gives so much cc, I also don't think that it could be balanced without this channel. As for fear, I personally prefer a form of cc which is more predictable; regardless, most aoe ults w/ a cc (i.e. ori) max out at around 300 base damage at rank 3, and have .6-.8 AP scaling, even w/ the set up time I don't think you can reasonably argue that 500 dmg and 1:1 ap scaling is balanced.

My suggestion would be to get rid of the set up time, get rid of the fear, add some cc to your other abilities i.e. slows/roots which come into effect when the ult starts, reduce the base damage on the ult significantly, but make it do damage over time (10ish seconds maybe?) to everyone around you (i.e. Nekton or Nasus). I would reduce the max damage from what those champs have becuase unlike them she actually builds AP, and will benefit from the scaling ratio (I suggest .8-.9). This will increase the steroid function, enable counterplay, be more fun for the player, and allow you to reduce the cd to 45-60 seconds, which is better for a steroid.

Oh, a final note: since the ability is a steroid for your other abilities it doesn't need to do a ton of damage by itself. It should synergize with the rest of your kit without being the focus of your kit.

heh you thought she was successful XD HA HA HA HAHAHAHAHAHAHA LOL

the natural order of things is chaos, thus the natural chaos of things would thus be order.
One does not drop a handful of marbles only to have them align perfectly by color assortment.
One drops a handful of marbles to have them roll across the floor randomly.

it all depends on how you define what is order and what is chaos. Her purpose for clinging on to her identity is something that she can do so that she can find dante again.

thanks for the support on that heres a friendly bump in return

The slow to SS might be nice while the ult's up, have it be large, like wither for the on enemy cast, or low like Command: Dissonance/Shard of True Ice on ally cast.

Ult Revision 1: I like it, a range of 200-300, a fear which calls to mind the powers of chaos but isn't OP, and threat generation through constant aoe dmg, which meshes well w/ her short range kit. Biggest issue: she's not inherently tanky, which means she could easily become the enemy team's highest priority target and die here. Maybe keep a version of the stat boost so that her max health increases for a short duration. Biggest Attribute (imo): introduces the possibility of a cool scary transformation graphic showing the power of the Void.

Ult Revision 2: Stealth for 5 seconds not as good for champ design/lore, but better for an assassin (jungler/top lane) type champ, on hit magic damage for a brief duration is an interesting idea, particularly if her q is an auto attack reset, might be hard to balance but I like the idea; I think she should either get the cc buff (slow) added to spectral swords, or an MS buff, not both (an AS buff might be more appropriate, but again balance is going to be difficult because it's a novel ability), the .5 second stun is reasonable, make it like naut passive so that it can maybe recur over the course of the ult on the same target, but so that there is adequate time between the proc so that the ability isn't OP. I would suggest either the on hit stun, or the aoe silence (attacking ends the stealth), not both.

Basically if you go option 1 she's AP nasus with really nice abilities so that she's actually useful for a team, and in roles other than top. If you go option 2 she's a bit more unique (a plus), doesn't fit her background as well (a minus), and will be hard to balance (meh), and fills some roles better (i.e. jungling) than she would w/ option 1.

Personally I would probably prefer option 1 because I like AP bruisers more than assassins. As a player I would also tend to choos option 1 because I don't glass cannons top lane or jungle, and I don't think option 2 ult would be good mid lane. As a designer I like option 2 because it's cool.

Added Base Stats