Really depends on what you mean by "AD".
Elise is a lot like Mundo, Darius, Nasus, Warwick, and Udyr though. She gets a ton of free damage in her kit that makes her hurt regardless of what she builds, but all that damage has pretty crappy scaling, causing damage items to have a fairly difficult time in actually ramping that damage up.
Especially when you consider you're trading off being 2, 3, 4 times as tanky to deal slightly more damage. As she is now, building full-tank will often allow you to survive long enough to do 2, 3, 4 times the damage otherwise, where building glass cannon you get maybe twice the damage but you die 2, 3, 4 times as fast.
From testing her out on PBE I wasn't a huge fan of AD on her. You could do things, but in a pretty sub-optimal manner. She has no AD burst so it's all about sticking to someone and auto-attacking them to death, which is basically where Tryndamere and AD Sion are. To make matters worse - her AP scaling on spiders actually causes very little AA damage to even be gained compared to an AP heavy build, which, while it provides less AA damage, moves you more into a Lucian/Ezreal/Akali spot where you wombo someone than finish them off with AA's. Your auto-attacks don't need to be Tryndamere status if you half-health someone prior to using them.
Hybrid builds are even worse, at least if you mean the Gunblade + Rageblade kind of hybrid. Attack and Magic stats simply don't scale one-another - so it comes down to an end game of
2 x 2 x 2 x 2 = 16
vs.
(2 x 2) + (2 x 2) = 8
In regards to pretty much every hybrid build. You need to have something like Kayle or Jax's AP ratios that actually scale with attack speed, for that to really even work in the first place. And even then - running with 1 major hybrid item and then pursuing an otherwise committed Attack or Magic build is a better idea than going full hybrid.
If you did a Darius/Garen/Jarvin IV status "AD" build - you're probably not hurting yourself to much, grabbing something like Kingblade and then moving into full tank to take advantage of the %AS steroid Elise has.
Not awful.
If you want to go damage-heavy on Elise I'd recommend AP though, and just go Nidalee status with those homing spider bombs. That's actually pretty fun and can work.
TLDR - I'd say not viable, not in the way 'viable' is used by the LoL community at any rate.