Please no. This is probably the worst way to solve healer issues.
Rewarding overhealing with the only thing that really counts in this game, namely damage, is a terrible idea.
What gives healers the tiniest of skill ceilings?
Knowing when to heal but, more importantly, knowing when not to heal.
The former is easier to see than the latter. Low HP bar and aoe cast? Heal.
The latter, however, requires keeping an eye on more things: how much mitigation does the party currently have? Are regens already ticking? Does the co heal prepared a heal to use any moment (Summoned Seraph, Star, Macro buff on the party, Plenary applied etc)? How much damage does this attack do, is the current HP pool of the party enough and how much time is there until the next damage? Does someone have a vuln stack (or multiple) and needs extra attention to survive?
The key is finding the balance between healing as much as necessary to keep people alive and no more than that and use the rest of the time to actively dps.
The moment you reward overhealing with damage there is much less thought to healing because you can simply heal all the time without any coordination whatsoever because overhealing now translates into damage. Please don't give all those Medica II bots out there that use it 4 times in a row when everyone is already at 70%+ after the raidwide went through even more reasons to defend their abyssmal and wasteful gameplay.
Besides it might result into a different way of chadding the co heal: wait until they healed and then heal when everyone is full HP because now you get a damage boost. Yay!
When we need is meaningful downtime gameplay that has some variety and identity to it and requires a function brain to maximize in the form of more dps-related buttons and preferably synergies tied to them.
We've been treated long enough as we don't have a functioning brain, making overheal translate into damage would be the worst offender yet.