I don't like this as it is just no brain way to instantly counter cc. Also no point in building it out of QSS if there is no active when fully built. Cool idea, but it's almost an exact copy of fiora's w. It's just activated like a banshees vail.
All in all it'd be broken on champions like Olaf and Jax. You can't cc them or you get cc'ed... How is that fair? Plus what happens when 2 people buy it and fight toe to toe? Reflect the reflected cc back onto the target? It'd cancel it, making the item worthless.
I'd much rather see an AP item be created that builds out of QSS so that not only AD champions can benefit from the QSS for the full game. In fact, they should create multiple items for both ad and ap champions that have the QSS active because of how important having a QSS can be.