Ah, so would this be a useful wakeup option instead of ex spin?
ex teleport does not have invincibility on wake-up, despite having armor. So if your opponent times his attack correctly, he can hit you out of the move on wake-up before your armor activates. If you want to use it on wake-up, do it when you have some distance between you and your opponent on knockown to ensure he can't hit you out of it, or if you anticipate that your opponent will read an ex spin and just sit there and block, the you do an ex tele into a grab.
For those who don't know, you can hold the ex/meter burn button (typically the block button unless you've changed your button config) after doing ex spin, and Kung Lao will disappear for a while and you can decide when to have him pop up on the screen again. So basically do an ex spin the way you normally do but keep holding the block button. This creates some useful mind games. As mentioned above this is very useful after ending combos.