In 4E, bloodied was used as the trigger for various mechanics, but the only effect of the bloodied condition itself was that it was visible to your enemies--once you become bloodied, the enemy knows you are below half hit points, which is valuable tactical information.
I thought it worked quite nicely, and it's a shame they dumped it in 5E. I'd be on board with restoring it. However, I would avoid adding any mechanic that turns it into a "death spiral" where becoming bloodied reduces your ability to bounce back--that sort of thing can make a little bad luck on the dice snowball into a TPK.
Why not do the opposite? You can only spend hit dice when bloodied, and you can only regain hit points up to the bloodied threshold (i.e., hit dice cannot make you un-bloodied). That would turn it into a stabilizing mechanic rather than a destabilizing one.
I thought it worked quite nicely, and it's a shame they dumped it in 5E. I'd be on board with restoring it. However, I would avoid adding any mechanic that turns it into a "death spiral" where becoming bloodied reduces your ability to bounce back--that sort of thing can make a little bad luck on the dice snowball into a TPK.
Why not do the opposite? You can only spend hit dice when bloodied, and you can only regain hit points up to the bloodied threshold (i.e., hit dice cannot make you un-bloodied). That would turn it into a stabilizing mechanic rather than a destabilizing one.