So now that there are rebel ships with access to the Illicit upgrades it seems the U-Wing and the T-65 have access to the Cloaking Device.

Im having trouble though coming up with any decent builds for either ship that can make the most of it. Any suggestions?

Best I can think of:

T-65 X-wing - Leevan Tenza (46)
Selfless (3)
R2 Astromech (6) -or- R2-D2 (8)
Servomotor S-Foils (0)
Cloaking Device (5)

A more expensive and less effective Biggs, but you can cloak on the turn you R2 to make yourself a difficult target and use the decloak for extra repositioning. Maybe it'd work with regen Biggs and 2 Red Squadron Veterans, 2x2 formation with RSVs in front? All are I3, giving you first shot against most generic swarms, and Biggs & Leevan can try to tank damage for the squad and keep everyone alive longer.

https://raithos.github.io/?f=Rebel%20Alliance&d=v4!s!10:91,130,-1,2,-1,142:-1:-1:;7:-1,2,-1,142:-1:-1:;2:-1,-1,-1,-1,142:-1:-1:;2:-1,-1,-1,-1,142:-1:-1:&sn=Unnamed%20Squadron&obs=

Magva Yarro (50)
Selfless (3)
GNK "Gonk" Droid (10)
Tactical Officer (2)
Pivot Wing (0)
Cloaking Device (5)

Similar build to the X-wing, except a bit more expensive and support focused so if you're staying cloaked you can still contribute to the fight. Or try to run time out hiding behind regen and 8 hit points / 4 agility. Not really fond of it, but it's the best I can think of for the U-wing at the moment.