Evolution II and Evolution III are buggy/gimmicky. Use whichever ones fit your playstyle.
Evolution IV has great options but Flashing Bleed has the most potential.
Unfortunately it has the same Impact > Slash bug that other similar mods have.
This means that you will only have, at most, a 40% chance for a single bleed proc on a melee attack even if you have multiple impact procs happen in a single hit.
Elements are chosen to adequately deal with most factions. Change to appropriate counter-elements if necessary.