I have been looking at other Item Builds, I do agree with your comment with boots as she is already pretty quick with just the basic. I did do a build with PD but I would want to keep the Ghostblade mainly because its your ace in the hole for taking a turret on your own or doing a BD. I would replace Guinsoo with PD though. I have Lich Bane also replaced with armor for those who want to stress survivability. The 2 here to choose is Omen for regular survivability. If you have someone like WW, Yi, or Jax with an AS build, I always get thornmail. Like you said about the Transcedent blade, that should feed you enough for health plus her Hiten Style. Now, Mallet is still a good option for those who would want it.. but I do not know what item you would like to go without.. Omen's nice thing is its active. It slows everyones attack on you and their movement speed. So in that, it has survivability itself.

Cbandicoot does bring a good point. Irelia is not to be in a pitch fight or an initiator You want to stack her damage as much as possible. Granted, the only thing that sucks is her health if you don't have an armor build, so Flash is a good option which he brought up.

Irelia doesn't really need a lot of survivability. she has passive lifesteal through hiten and transcendent blades. In teamfights, you shouldn't be seen by enemies till a couple of seconds after the fight started, so you won't get targeted anyway. Furthermore, she has a potential 2 second STUN, with which she can neutralize the enemy carry (or whoever is damaging you), so you can always get away easily.
It's a nice guide, Ace, but I'm having trouble with the summoner spells and the item order.
The ignite is nice, nut exhaust is a bit overkill on irelia IMO. You'd better pick flash in case you get in a bad situation, which you will.
Item order. I think boots of speed is more than enough speed for irelia untill mid game. She has 330 base movement speed, the highest in the game and she has passive CC reduction. Really, build the stinger and the cutlass before finishing your boots. It's way more effective.
What do you think about replacing the youmuu's with a phantom dancer? I think PD is a lot better, since it has a passive movement speed increase and contributes more to your damage output than a youmuu's.

Yes, I know I go down quick. Survivability here is limited. I guess best thing is to consider it none existent. In a TF, yes you are right, I do go down quick. I have to sacrifice survivability in order to have high damage output. I have considered Mallet and yes, it would add for you to survive in a fight. I would switch out Lich Bane for Mallet. One thing I read about irelia is that she is not an engaging character. The build I have here is a pure DPS build and its my best guess for now on how to play her... If you are engaging, you have to be ready to lay everything down on the ground quick with her in this build. Kind of like Ryze, the only advantage with her is that all her cooldowns are very low. I called her the 'Ceramic Blade' because if you know anything about knives, ceramic knives are extremely sharp but they can break real easily too!

I notice you're only going life steal w/o armor or hp.... how is the surviveability? I know I can pop her ult to heal myself but I am thinking if you get targeted in a TF you're gonna go down bigtime. I'm at work so w/o trying your build I can't rate it down/up but definitely am thinking I would add a rylas/mallet instead of one of the last 3 items. Not only for the slow but the HP. Please let me know your thoughts/strategies on staying alive.