If I use Ride the Wind on an exhausted Irelia, Fervent, will she get +1 from being readied, and +1 from being chosen, or just one of them?

If you use Ride the Wind on an exhausted Irelia, Fervent, she will gain a total of +2 Might (+1 for being chosen and +1 for being readied).

According to the official ruling for this interaction:

1. Ride the Wind is played and becomes a pending chain item.
2. Irelia, Fervent is chosen as the target for the spell, triggering her ability (+1 Might).
3. Irelia's ability enters the chain above Ride the Wind and resolves first.
4. Ride the Wind resolves, moving and readying Irelia.
5. Irelia's "ready" trigger adds to the chain as a pending item and resolves (+1 Might).

Nuance: Irelia must be exhausted beforehand to receive the full +2 bonus, as a unit that is already ready cannot be readied again (Rule 402.1.b). If she is already ready, the "ready" portion of the spell and the corresponding trigger will not occur.