There is some pretty good advice in your post, but there are some things I personally do differently. I've only been sch 50 for 4 days, and I'm only I80, but I like to think I do pretty well based off the reception I've had from everybody I've ran with.
The very first thing I do once a run begins and everybody has ate their food is check out the tanks hp and figure out at what number i should cast adloqiuim, physick or lustrate to get them as close to cap while minimizing overhealing. I know about how much my heals are going to do (uncrit) and I base which I cast off of the amount of damage sustained. Say that your average physick will heal for 950, and your average adloqiuim will heal for 650 HP, and you are healing a paladin with 6500 hp. Casting physick at any time the paladin is at or above about 5650 HP in this case is going to be a waste. You're better off to go ahead and use adloquium if the tank is at or above that HP threshold. If you hit him with an adloquium at that point, he'll be at 6300/6500 hp, and the next regen tick is going to make up the difference. You should always budget your heals, because even scholar CAN run into MP problems, despite it being a much more efficient main tank healer than WHM. When it comes to using lustrate, I typically will not start using it as a 'maintenance heal' until aetherflow is halfway off cool down. That way, if you DO encounter a moment that can only be saved by a couple quick lustrates, you have the charges to do so. By the time aetherflow is halfway ready again, you're probably going to be alright, so I go ahead and work them in like a normal heal to save MP, since you'll have 3 fresh charges in just 30 more seconds. Succor is also very effective if you can time it to go off right after an AOE you know is about to hit. Start casting it when predictable AOE damage is about 1 to 1.5 seconds away from going off, that way the healing portion and the shield effect of the spell are equally useful. The sooner you get that heal with the shield off after the AOE hits, the less likely your WHM is to panic and spazz out on over heals (this happens a LOT in pugs, and it kills their MP).
Edit to note: Even if it's tempting, try to avoid pre-healing with adloqiuim. A LOT of scholars do this, and it's a good way to run your MP reserves dry. You're better off using physick to preheal, and follow it up with an adloqiuim if the tank still isn't back up to full HP after that. The only way to make sure your adloqiuim is MP efficient (since it's so pricey) is to only cast it when the tank is actually missing HP, or you know for a fact they will be missing the HP before the spell goes off. For some situations, the shield effect may be necessary or beneficial to use when the tank is at full HP (like when a target is readying a big attack that could potentially kill the tank), but when it's not necessary, you're much better off to avoid this.
Also you may want to consider macroing your fairy to heal alongside all of your heals, if you're going to be healing the main tank. This effectively doubles your healing power per press of the button. You can do this one of two ways, but as is the case most of the time, the more difficult way is actually the more effective way.
Single button press macro to cast your heal + the pet's heal:
/micon "Physick"
/ac "Physick" <mo>
/pac "Embrace" <mo>
/ac "Physick" <tt>
/pac "Embrace" <tt>
This will make you and your pet (assuming they're set to obey) both cast your heals at the same time on the target with your mouse over it. If you don't have your mouse over anybody and you are targeting the boss, it will heal the target of the boss (should be your tank).
The better, but more difficult to use way (because you have to use two buttons lol) is to split the macro up to where your heal and the pets heals are different macros. This will let you heal two different targets at the same time, or heal the same target with both spells. Just use the pet on one target and your own heal on another. This gives you a lot more utility, but it's more difficult to manage so most people end up going with the first route, despite it being less efficient.

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