It'd be better. I prefer splitting the HP pool, and having different healing sources heal one HP pool or another. As it stands, I
really dislike the healing mechanics as introduced in the "broken NDA thread" and discussed in this thread. Full healing overnight, HP is blurred on what effects it and how it does, and it's almost literally "two short work breaks, an hour lunch break, and sleep."
I tell you what, if "HP" is just fatigue, then it's not terrible (but not great). If it is just fatigue, I can work all day, go home, take a short break, shower, walk a mile to a park with a friend to go play some basketball, walk back, throw a football around on the court to cool down, eat something, and then go perform another activity. I may want to go watch a movie or tv show, or come to EN World, but I could just as easily perform another physical activity (like a game of tennis, or something). And I'm 26 years old, 5'11", and about 200 lb., and
not the all-muscled kind, so not in the best shape.
But it's not supposed to be just fatigue, I don't think. It's too many things right now. It's morale. And luck. And wounds. And fatigue. And destiny. And divine protection. And so on. My problem with the current natural healing mechanic is, like with past editions, it addresses one of those things. That is, HP naturally by treating it like it's fatigue. In past editions, it was usually (not in 3.X) "HP is all of these things", but treated HP as just meat. The only things that dealt HP damage were things that tried to wound you, so HP was meat in practice.
They need to separate these things out, in my opinion. Get two HP pools: HP (ability to take wounds), and THP (my preference is fatigue, but this could be "everything else"). I doubt they'll do this, but it solves so many problems, and still gives different classes different uses (Clerics rock at healing HP but not THP, and Warlord's own at healing THP but not HP). Have HP return slowly, and THP return in minutes.
At any rate, your solution is an improvement over their current implementation, if the thread is to be believed. I really hope it gets changed, as it's currently one of only two huge turn-offs I have at the moment. As always, play what you like