This isn't going to increase the overall use of this mod, for a couple reasons:
A : It still scales off the base value of the frame (not the rank 30 health values), which may themselves have really low base health.
B : It still scales additively with (Umbral) Vitality, meaning the amount of health it gives is really low, compared to the amount of health you're already getting.
C :The amount of health it gives is too low for endgame content, essentially meaningless, considering how fast enemies can chew through your health.
D : Dead enemies are still the most effective way of keeping your health high and corrosive projection is still the best option to make sure that is the case.
My personal suggestion to address those issues would be, to give Physique either an increase to the base health values of the frame, meaning mods, health per level etc. can scale off that increased value or just give it a flat out, additive increase in health, which scales of nothing else, but makes it at least somewhat useful on frames that don't already swim in large health bars.
Whatever the optimal solution may be, just bumping up the percentages on the mod with the way it currently works, is not going to give it any more use than it had before.