Invis watch is best watch imo. DR has it's uses but after the nerf I find it better to stick to the stock watch or cloak and dagger if I have to weave through the map a little more slowly.
I would use Dead Ringer for paranoia purposes. But in my opinion, the IW can create just as much paranoia as the DR. You just need to make a lot of illusions (which is much more simpler with the IW) and good picks and there you go. Instant paranoia!