It's not a bad strategy and I use it often with my Oak minion build.
It WILL dodge:
- Auto-attack
- Any damage over time skills (spit, circle of fire)
- Towers (including Rook's towers)
It will NOT dodge:
- One hit skills or burst/aoe damage (snipe, pounce, fireball, etc.)
I find dodge may scale better late game than an item like Blood of the Fallen and you could be potentially dodging crit attacks or powerful melee attacks. Late game, if you dodge even 2 or 3 attacks from your opponent during an encounter you'd have made up the extra 800 HP from blood of the fallen or other health stacks. Imagine dodging several shots from an Ashkandor/Mage Slayer equipped Regulus 
In my build I will usually go for Pendant of Grace (favor), Assasin's footguards, and Cloak of Elkinkind for artifact and get 35% dodge + my armor and health items. Also 15% dodge for minions FAR outweights the 150HP from Tome of Endurance.
