Though, the more practical application for that would be to swap in typically useless mana for infinite TP, recovering the remainder of said otherwise mostly useless mana via passive regeneration and GB combos in order to then swap it again as soon as the CD's up. With the present conventional (non-)use of Clemency, the only real issue would be to ensure that you have enough TP (-> MP) to Flash a few times before adds spawn, which would mean using it soon enough after Chivalry falls off CD, with mana maximized (thereby making Clemency even less desirable until the MP and TP values are swapped).
When factoring in Convalescence, which affects only Healing Spells (not Healing Abilities), Paladin already has the highest healing output over time of the three tanks. At present, it almost requires those lost GCDs just to balance out that potential. I could understand wanting it not to disrupt combos, or to give it some small auxiliary function (within the same role of an emergency heal), but such a low MP cost would mean the 1200-1680 potency heal could, on average, be used once per combo, or to deal over 10000 potency of healing per minute, while a Warrior averages to a mere 1800 per minute, getting only mildly closer through the doubled duration of Bloodbath.
Circle of Scorn is already tied for the strongest direct AoE oGCD in the game, at an equal 10 pps, same as the Monk's Elixir Field, pre-multipliers. Only the field AoE abilities, Flaming Arrow and Salted Earth, and the Summoner's long-CDed Enkindle are stronger. Note also that ALL of the Paladin damaging abilities create the same maximal pps—Shield Swipe deals 150 per 15, CoS does 250 per 25, and SW does 300 per 30 (up to 10 pps in each case). And these make up a substantial part of overall Paladin damage. Increasing CoS dps by 150% would be the equivalent of adding a free Flare to your tri-combo rotation.
And removing the cooldown from Spirits Within completely? What? That would increase overall Paladin dps by some 227%, so long as they stay at maximum health. Double-weaved, that would be an extra 600 potency per GCD, which previously averaged to a mere ~470 each.