Using Invisimail within a Contemplate Template
I'm doing a similar thing, but in a node template. To get the javascript obscured code to return, use the js_entities encoder similar to this:

&lt;?php
$email = render($content['field_email_address']);

// this takes the email address and turns it into a "mailto:" link, otherwise use 'link' =&gt; 0
$email_settings = array('link' =&gt; 1);

echo "&lt;p&gt;" . invisimail_encoder_js_entities_encode($email, $email_settings) . "&lt;/p&gt;";
?&gt;


Also, I use the Quick Javascript Switcher extension in Chrome to quickly toggle js off/on to see if things like this are working:

https://chrome.google.com/webstore/detail/quick-javascript-switcher/geddoclleiomckbhadiaipdggiiccfje