You don't really need rules for this as i understand it, just let the players narrate how they finish off a creature. In 4e, you don't need to declare whether you're killing or subduing a creature until you deal the final blow. So it's not a stretch to say that instead of knocking the creature unconscious you might disarm him and hold your blade at his throat. That certainly saves a bit of time if your next step would be interrogating him.
The only situation your idea doesn't work is if you're applying a minor condition. It wouldn't make much sense if a creature were reduced to zero, dazed, and could continue fighting (albeit dazed). It also wouldn't make much sense to daze a creature that's dead or unconscious. So you still need a means to affect a creature while it is at positive hp. Otherwise, combat literally becomes a hit point slog-fest. IMO, combat becomes significantly less dynamic if conditions are merely finishers.
An approach that I was tinkering with a while back was a damage threshold system. Any damage below your threshold does not connect, and any conditions that attack would apply are lost. If an attack pierces the threshold, it inflicts some degree of physical harm (perhaps a small cut, or even a heavy blow taken on a shield that knocks the wind from you).
To use your example, if I have a threshold of 15, then a medusa's poison attack only inflicts hp damage if she deals 14 or less damage (it's merely fatigue from avoiding her snakes). If she deals 15 or more damage, I've been bitten and am actually poisoned.