Think I speak for most when I say I would hapilly accept a greatly nerfed/reduced absorb rate from aura steal if it meant a shorter recast and separate timer. Absorbing sometimes is nice, and we understand how powerful this ability can potentially be, but we all use it much more for the dispel than for the absorb.
Dropping it to a 1 minute timer, on a non-merited ability with a bas of 0% absorb chance and each merit giving like 2% or 5% chance to absorb would be great. Max you could achieve is 10% or 25% absorb rate if you merited it to 5/5, but you would have to sacrifice other merits like Assassin's Charge or Feint to do so. That would keep it balanced.