Mirror Image (eight images), Blink, Displacement, and Entropic Shield: 2.2 percent hit chance with ranged attacks, 2.8 percent for melee. With a successful attack roll, that is.
result: layered miss chance effects >>> armor class. Every time.
Also, to answer the OP's question: it has nothing to do with bonuses and everything with visibility. Displacement plus Invisibility really only does anything for you if you fight creatures with and without Blindsight at the same time. Displacement relies on vision, it produces an illusionary image of the target. If the target is invisible, Displacement produces an invisible illusionary image.
(However, one could even argue that Invisibility does nothing if Displacement was cast first, and vice versa: after all, Displacement already renders the target invisible, then reproduces a figment of what the target looks like 2' further left (or right, or wherever). If, OTOH, the target is already invisible, Displacement has nothing to reproduce. I wouldn't rule it like that in my game, though.)