Each additional 100 years of existence affords
an additional 1% chance of a more mature connection, plus an
additional 1% chance for each previous evolution.
Cumulative chance both for centuries passed and previous evolutions. A 10,000 year-old undead is garunteed to have it at least once. Every century after that has a 102% or higher chance of having it (good luck attempting to convince your DM that you get it twice at 150 centuries)
Also, Fast Healing doesn't stack. No matter how many times the template is applied, you still only have Fast Healing 3.
First off, I believe you are incorrect. Let me quote that passage from Libris Mortis word-for-word in order to prove that belief.
"
Evolved Undead Template:
(Skipping the flavor paragraph)
...
When an intelligent undead creature survives for 100 years or more (or when the DM decides to create an undead monster with a twist), there is a 1% chance that its connection to the Negative Energy Plane grows more mature. When this "evolution" occurs, the undead gains this template. Each additional years 100 years of existence affords an additional 1% chance of a more mature connection, plus an additional 1% chance for each previous evolution. For example, if an undead creature's connection to the Negative Energy Plane evolved three times previously, it has a 4% chance to gain one more step of maturation the next time its age requires an evolution check.
...
"
The example section does not include "total age in centuries" or "time in centuries since last evolution" as a parameter for how likely the undead is to gain another template the next century. Only how many templates it already has. Thus, we can assume that the chance of evolution per century is not cumulative across the centuries.
A separate reasoning is that the passage uses the wording "Since the undead has x number of templates, the
next time it has the make an evolution check, it has (x+1)% chance to gain another template". The same argument applies; the example doesn't mention total age or time passed since last evolution. Every "next time" gives the undead the same chances. Again, we can assume that the chance of evolution per century is not cumulative across the centuries.
Thank the gods, otherwise, I'd be doing icky math again.
I thought that the Fast Healing stacked because Fast Healing given by the "Fast Healing" Epic feat does. Looking through the Players Handbook, Monster Manual, and Dungeon Master's Guide, I can't find mention of Fast Healing not stacking in their Fast Healing entries. Can you cite your source?
Oh, by the way, if someone wants an easy-to-plug-in equation for how many years it takes to gain x templates, it's: "amount of time required on average to gain x templates = ln(x*1.781072418)*10,000 Years" in case I forgot to mention the "simple" form. This formula is inaccurate for small numbers of x, something Euler didn't really pin down and I don't want to try, either. It's very accurate after the point where you really don't want to add up the numbers in your head (Only off by a 1,000 years by x=6).