My unpopular thoughts and opinions on iHulk
From what little I've seen of immortal hulk you have to pace yourself and know when u can burst the opponent down in one rotation before u end up killing yourself because immortality was on cooldown and you're on 1hp and cant afford to take a single blocked hit. He's very similar to Corvus in that regard. Knowing whether you can or cannot do certian actions will come with experience playing the champion.
You can minimise the danger and impacticality of his playstyle by doing two things. 1) Utilise the sp3 when immortality is on cooldown and 2) Go for the medium ending combo only when you're below, I'd say, 5 rage stacks or you know the burst rotation will be enough to knock the opponent out. When you are at 5 or more rage stacks it might be better to do a ML combo then back off get a parry do another ML and repeat. This way you'll still do good damage, stay semi aggressive and keep the self inflicted damage to a minimum since it's the second medium that deals that damage.
The best way I can think of to get the most rage stacks in the shortest time possible is: Do full 5 hit combos until you're at about 2.5 bars of power. It doesn't matter if you have any rage already built up or not prior to this point. Then do MM (2 rage stacks), parry, M (3), heavy (6) cancel into sp2 (8). During the sp2 stun do another MM (10), M (11), heavy (22) cancel into sp1 (23). If u get the stun off the sp1 you'll be hitting close to 30k mediums. I'm not sure exactly how much damage you get with this one rotation but I suspect it's around 200-400k which is quite a lot to say the least. By this point you would definitely have triggered immortality. After or during those 8 seconds if you lose your immortality it's not a big deal. You're going to want to want to do what I said in the last paragraph to not be at risk of dying.
Overall, iHulk is all about pacing yourself to get the most out of him - knowing when to go for the huge burst rotation and knowing when to take it slower and stretch the fight out for a bit and use the sp3, like Corvus. The more hp the opponent has the less effective Hulk becomes. We've seen a lot of gameplay in RoL but, again like Corvus, I don't think that's where he's best. He'll rip through opponents that have around 120 - 350k hp i.e. in monthly Cavalier event quest / Act 6. Admittedly he is a bit light on utilty for later act 6 but who needs it when the opponent drops so quickly? I think people are looking his damage output just because he's not as flashy as say a certain Ghost rider who I would argue is even less practical to play. But that is is a story for another day. There are a lot of small ways to improve hulk but this post has been long enough already so I'll end it here.