Certainly. And that's one of the ways I think of hit point loss. It's a bruise, an ankle twist, or whatever.
I already narrate hit point loss by higher-level characters as them getting nicks, scratches, bruises and glancing blows, rather than straight misses, because otherwise things like poisoned blades, stings or bites don't really track right. Since I'm already narrating hits as glancing blows, turning misses into glancing hits just muddies the waters further. Which is why I'm leery of it. D&D characters get "hit" way too often as it is.
But the more I think about it, the more I suppose "Damage on a miss" tracks if you abstract it out enough. It's just messy to narrate (i.e. DM). But then I get into "why does it work that way for this weapon and not that weapon?"
And I'd definitely want to see a few subsystems included to make it "sensible," like a rule that required the blow that drops someone to 0 to be an actual hit (for example), or a more concrete explanation of how magical healing works, what's happening during a short rest (why any number of hit die per short rest, but only so many in a day?), and why, if you've been pushing yourself to the edge and near death 5 times, as long as you survive, you can fully recover without needing anything more than a night's sleep.
I (mostly) like the abstraction, but it's the little details that bother me.