I think the point with it being on global cool down is so that they can manage the damage output of the job. But that now just makes the move something you really shouldn't ever need to use. If it's meant to be a mobility skill, then this would imply that you're just hanging out in melee range, and if you are, the movement you usually need to do most would be to disengage from the boss, and you already have your jump back skill for that.

If they wanted to make it it something use only sometimes use, they could eliminate the damage, consume some of our black/white mana and convert that into MP. Not the best solution, but it would solve the problem of a skill that I don't even have on my hotbar because of how useless it is while also giving red mages some native mana management.