By using the effect of "Stardust Dragon" with this card, you can negate its ability to destroy all of your monsters, and instead only destroy "Terror Incarnate", meeting the evolution requirements and keeping your monsters safe (including "Stardust Dragon", as its effect will revive itself immediately due to all of this taking place during the End Phase).
"Interdimensional Matter Transporter" or "Dimensionhole" will banish "Terror Incarnate" from the field to summon "Ultimate Nightmare", and you get back "Terror Incarnate" later (though you need to evolve it quickly before it destroys "Ultimate Nightmare").
For a very effective stall deck, combine "Yubel - Terror Incarnate's" effect with "Vengeful Bog Spirit". Now your opponent's monsters can't attack on the same turn they are summoned, and they will be destroyed at the end of your next turn before they get a chance to even attack you.
Use "Yubel - Terror Incarnate" as the cost for cards like "Raigeki Break" or "Divine Wrath" because "Yubel - Terror Incarnate" can be Special Summoned from the Graveyard when "Yubel" is destroyed.
Use the above combination of cards for a free way from "Yubel" to "Yubel - Terror Incarnate". Activate "Raigeki Break", discard "Yubel - Terror Incarnate", then special summon "Yubel - Terror Incarnate" from your Graveyard.
When your opponent no longer has a monster on the field (because "Terror Incarnate" has destroyed them all, or your opponent refuses to summon), you can equip "Terror Incarnate" with any Equip Spell Cards that can increase its ATK in order to cause damage with direct attacks, preferably ones that can return to your hand like "Malevolent Nuzzler".
In this case, you might want to use "Really Eternal Rest" to destroy "Yubel - Terror Incarnate" whenever it suits you best.
"Level Eater" works well with this card as it has a high Level. Special Summon "Level Eater" to attack when the field is clear and then use it again next turn.
You can also use Spirit monsters to attack your opponent directly. Since you can choose when to activate the effect of "Terror Incarnate", as well as choose when to activate your Spirit monster's effect, you can return the Spirit monster first, then nuke the field.
With the introduction of "Generation Fish", you can use their effects to maintain advantage instead, also fits with "Abyssal Kingshark" being part of field control.
Summon "Neos Wiseman" by Tributing "Yubel" and "Elemental HERO Neos", then use "Limit Reverse" to revive "Yubel" during your opponent's turn. On your turn, switch "Yubel" to Defense Position and Summon "Terror Incarnate". Since "Neos Wiseman" can't be destroyed by effects, he'll be safe while your opponent's monsters are destroyed.
Summon "Evilswarm Zahak" to attack your opponent directly and then at the End Phase use its effect to get out "Yubel - The Ultimate Nightmare" (OCG only, currently).
Equip this card with "Power Pickaxe" to banish your opponent's monsters from the Graveyard, so that he/she won't be able to use them after that (except he/she has a Deck that aims for banishing cards).
Also, by increasing this card's ATK, you can iflict every turn 500 points of direct damage, when your opponent refuses to destroy his/her own monsters.
In your turn, activate "Nightmare Archfiends". Tribute 1 monster you control, except "Yubel - Terror Incarnate" to summon its three tokens to the opponent's side, and end your turn. The tokens are automatically destroyed and you inflict your opponent 2400 damage points.
If you can activate the trap card during your opponent's Battle Phase and have a way to force monsters to attack "Yubel - Terror Incarnate", the tokens will all hit it and deal 2000 damage each to the opponent. If the opponent can't get rid of them before your next End Phase, "Yubel - Terror Incarnate" will destroy them for a pseudo One Turn Kill.