I agree with going Rylai, Ravage will slow for 35% and hate spike does 15%.
HP bonus just insure her survival.
I prefer to max stealth, not only do i hidden for longer time, but the STUN time increase as well.
2 sec is no laughing matter when she spam ravage and hate spike along with attacks.
It also set up for team gank because your teammates can use that 2 sec to get in position, where enemy would've ran if they see gank coming, take advantage of your stealth ability!!
To me Evelyn is a solo ganker, a scout as well as an initiator in team fights, no one else can stun and lower MR to an unaware target. Your teammates can take care of the rest(i.e ryze chain stun) when others focus on you. Flash become crucial to get out of danger after first pop, then stealth to go back in to the fight.
I've been considering between Soulstealer or Zhonya as 3rd/4th item(after lich and boots), I get rylai after i have at least one of the two big ap items.