Please don't rework Irelia. Here is why.

The primary reason Riot reworks a champion is to give it a cohesive sense of identity, making their playstyle fit their lore and personality. Also, they may rework a champion if a champion just has consistent issues with their kit, requiring frequent and sometimes unnecessary buffs and nerfs, resulting in a champion who is not viable and has a hard time fitting in a meta. Irelia does not fall into any of these categories to the extent that she needs a rework. Her playstyle is extremely unique, fun, and balanced. On top of it all, it fits perfectly with her lore and identity.

 When you play Irelia, her bread and butter mechanics are unit hopping with Q and stunning them when you have lower health with her E.  That represents her will.  She almost dies in her lore, and Soraka comes and saves her.  Irelia comes back from adversity---her father passing away, her brother leaving on duty, Irelia having to be the captain of the defense of a whole island, a female in a male dominated area.  So her Equilibrium strike mechanic makes perfect sense.  Her Q mechanic represents when she comes back and just glides through the opposition, wielding her blade.  Yes, you can throw blades while doing so by Pressing R.  You can do this whenever you want during her combo without interruption.  Does Irelia's ultimate need a VU? It wouldn't hurt.

 Her true damage represents her true, unstained will and persona.  Also, along with her entire kit, represents her father, Master Lito's renowned and legendary fighting style, Hiten Style (which is an excellent homage to Rurouni Kenshin). She is all about being true, being balanced, being righteous.  Plus, it's only 75 a hit and lasts for 6 seconds, and that damage falls off pretty nicely late game against tankier foes or even some adcs who have built some defense/adequate lifesteal.  

The rest of her damage is mainly from the items.  So if you're looking to change anything look there.  Although I feel many people would agree that she's quite balanced right now.  She's not too difficult to stop, and it's not like she's some unstoppable force in very high level of play or the LCS.  Don't get me wrong, I know she can be, but so can most champs.  Also, Irelia can be picked up in the proper team comps in any level of play and still hold her own and contribute nicely to her team's victory. 

 Irelia's role and playstyle is more nice than the typical champion, but that is what makes her amazing.  Finding opportunities to catch the enemy carry off guard or out of position, and going ham on them, just to run away and have your passive (Irelia's true will and strength) come in and help you against the CC.  Then just being tanky as hell, peeling for your carries while doing intervals of burst and sustain damage to the rest of the team.  You still have to survive though for all this to happen, and that is such an adrenaline pumping experience.  Every last thing about her current playstyle is fun, unique, amazing, and I really don't see any issues with it. It has it's strengths and weaknesses that are able to be exploited, just like a balanced champion should be.    

 If you're still bent on reworking her, then you must do it to make her better---to maybe shift her to a position where she's no stranger to the nerf-buff treatments i.e. Zed.  I wouldn't be a fan of that but if that's your goal for every champion then I understand.  For starters giving her E a faster casting time would be nice.  You may have to lower the duration to like 1.75s or 1.5s though.  You could also buff the healing on her W, but in turn probably nerf it on her R.  

 Thanks for making it this far Riot.  I really appreciate the constant communication you have with your players.