Err... why should this be in house rules? I'm just wondering about application of the current rules.
The advantage to a creature with FH 5 and regen 5 over regen 10 is that they continue healing the damage that gets past their regeneration. The advantage over a creature with just fast healing 10 is that some (probably most) damage is converted to subdual, making it very difficult to kill the thing.
Let's take a big ol' nasty troll, and instead of regen 5 let's give him regen 3 and FH 2...
Troll (63 hp) gets whacked by a greatsword (15 hp) and nailed by a fireball (30 hp), then flees to recover (or eliminates the enemy). Now said troll has 33 hp and has taken 15 points of subdual.
Standard troll, 3 rounds later: 33 hp, no subdual damage taken.
Our troll, 3 rounds later: same (fast healing eliminates subdual first).
Standard troll, 10 rounds after the fight instead of 3: 33 hp, no subdual damage taken. He has to heal that fire damage slowly, over the course of a couple of days.
Our troll, 10 rounds after the fight: 47 hp, no subdual damage; and he'll be fine shortly.
Modify the fast healing so it ONLY affects real damage, and after 3 rounds our troll is instead at 39 hp, with 6 points of subdual damage. In ten rounds, he's at 53 hp, with no subdual.
The problems with just giving spell-like abilities that heal is that it takes an action to use, and once you're unconscious, you're out of luck.