These ideas are designed to aid Phantom with the "assassinate-&-evacuate" playstyle.
Give Phantom a minor speed boost directly after cloaking, and make his cloak fizzle less visible during that speed boost.
Remove the damage reduction effect from the cloak, but make it last longer.
Give Phantom cloak cooldown back for damage dealt before an enemy dies. For example, if Phantom one shots an Aura, he gets about half his cloak cooldown back. If he takes a Rhino down from max health, he gets his entire cooldown back. If he say, sneezes on someone with 3 health and kills them, he'll get basically nothing back for it.
This is is all in an effort to give Phantom a bit more strength when he's in the thick of things, essentially stabbing a medic down and then cloaking and running away, but not necessarily punishing him for killing from afar.
Removing the deployable EMP effect wouldn't hurt.