I personally am scared of misfortune, although my fear is probably unfounded. I will take misfortune-1 if I have at least order-2 or -3, though. Sometimes misfortune-2, but I tremble reading my events each turn, fearful of that turn when the hammer falls. I know it's out there. Waiting to get me.
I will never, ever take Misfortune-3. I don't care how many points it gives me.
Death I think is a great idea if you plan to rush. It's basically free points if you aren't thinking long-term. Then have such a big edge that you can win even when death bites you in the butt. Although I am not much of a rush player.
Drain is fine for me, it gives you magic resistance, right?
Make sure to build your expensive mages for research purposes, drain affects them less than the cheap, low research mages (8 research -2 is still decent, 3-2 is not worth doing). And make research booster items.
Sloth is like almost always worth doing.
Heat/Cold is nation specific.
Turmoil is just about never worth it, unless you combine with luck, and even then it can be crippling. Although like with Pangea, if you are getting Menaeds from turmoil, then it suddenly becomes good.