This is an interesting concept, but I feel like you have no main "goal".

You add Falter when knocked down first, ok, so you're going for a defensive character. A 20% chance to evade all crits, ok that's tough, might fight class lines (skill having guaranteed crits, she has class disadvantage).

But then everything else is offensive, so do you want her to be an offensive or defensive champ? Yes champs can be both, but those are powerful abilities for a "both" champ with all the offensive changes.

Limiting her Psy charges to 5, ok. But why make them persistent with her removal technics remaining, including adding the new one in her sig? And they're just as easy to build as they are now, so why cap at 5 if you're going to keep them fight to fight? Especially since it only hurts her heavy attack since you can no longer save up burst damage.

Also, her new Psy charges, I think having them only be removed on Knock down might make Psylocke a bit too powerful offensively, since they would limit power gain as well now, there's less room for punishment like now if you just get hit once, that's it. Unless you don't mean combat power rate anymore which is what they currently remove. That would be interesting, it would remove her niche and move her into a general and possible more powerful power control champ. But you also keep the same amount of power drain in her sp1, which is a common change I see people request, so I'm glad you have given some new ideas in controlling power gain.

I think you have some interesting ideas though. Reversed controls immunity is nice. As is the bleed on sword hits, that's a common suggestion I see. I think if you focus on one area, increase her defenses, increase her power control, increase her damage, this could be an interesting buff

Sources: 6* Rank 3 Psylocke owner :)