Yeah, it seems fundamentally opposed to a Monk in theory (Evasion) and damage reflect will largely depend on what kind of damage it is returning in the first place. How does that work with Life on Hit / Life Steal%, for one.
It's clearly meant to compete with Conviction as a DPS Aura just ... not sure if it actually does enough to warrant that.
#4 is the best in my opinion. Just disable any MF% swapping for a brief time (3 minutes may potentially be overkill). With the way enemies regen and how enrage timers work, eliminating MF% on swap during a kill for a short time is the easiest route. Of course, I'm lazy and don't like to gear swap so I'm a bit biased.
Also, what's with the random icons they used.