Either SMN and RDM should lose their Raise or BLM should get a Raise.

[Reynhart]

BLM's personal damage actually beats RDM+Embolden, meanwhile SMN and MCH beats them both.

That's definitely a problem, then. If SMN beats BLM both on personal damage and indirect contribution on raid damage, BLM should be upped on at least one of those.

The power to Raise is not only important to clear throught deaths but also see more of the fight before wiping.

This is much trickier to balance. If the only penalty of one death is DPS (Like faiing a DPS check), a BLM with higher base DPS could compensate or, like I half-jokingly suggested before, a way of gaining DPS when someone is dead.
If the penatly is screwing a mechanic, it's more complicated for each job to bring an equally valuable solution.