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Really one of the only ways I could think to fix it, that would personally be interesting to me, would be to instead of a boost to healing magic, it is a boost to magic in it's entirety. Allow me to boost my DPS by sacrificing my fairy. I don't believe that would be too OP given that it would last for only a brief moment, and it presents a decent risk-reward situation.
You forgot to factor in the huge mp cost to resummon the fairy, the time to resummon the fairy, the loss of fairy AoE regen into HPS and the 20% cure potency. You also forgot to factor in the circumstances in which you would even use the ability compounds the difficultly to both have the mp and time to resummon fairy which is pretty much a deal breaker 90% of the time along with losing insta cast or not having it to also consider.
If they absolutely want you to be "faerie-less" perhaps they can make it "suppress" your faerie for the duration.
Basically, it disappears from sight, and its pet bar becomes darkened, and when it fades, your faerie returns and the pet bar lits up.
This fixes the huge recovery cost(1.7k MP, Swiftcast and a GCD) that makes it insanely inefficient to use, unless in some really shitty situations or offensive situations.(the latter, for which it was never intended)
Personally, I want to see it reworked into an Enkindle for faeries, but finding something that is worthwhile for a ~3 minute cooldown is difficult.
If they would buff it so it wasn't so close to useless i wouldn't mind if they extended the CD to 5 min like bene.
Just nothing much about it pulls you in to use. Price is too high! I'd just replace the ability altogether