I'm not sure about healing as an added effect, see Phoenix on SMN. It's kinda okay, but no one can rely on it as it's a bonus top up.

We all agree that the elephant in the room is VerRaise. It needs either a nerf or to be gone entirely so that RDM can be reconsidered as either a "support oriented" job or a higher DPS job, as it seems to be the thing holding it back currently.

For me this brings new elements in the calculation;
- More support tools, this would keep RDM as a lower-side pDPS job, and it would allow it to keep its easy straightforward rotation.
- More personal DPS, then I can guarantee it could turn up unfair to the other caster jobs. RDM is the most mobile and the easiest caster (rotation and optimization). Seeing it out-DPS SMN which has a harder rotation or BLM which has to master a lot more elements in a fight to perform optimally would not sound right in my opinion. This option should bring a rotation rework so that higher DPS is harder to get.

Personally I'd like to see more proc-management tools (as the return of 4.X Impact) and new CDs around this idea. Perhaps a third aspected spell in the Mana build up (Archwizard's legendary VerBlizzard and VerWater for instance), that would unlock after specific conditions. The idea of that is to put a bit more thoughts in the casting mana build-up.
The combo is fine as it is now; VerFlare/Holy-Scorch are quite welcome for weaving and mobility too, so I would not mind to keep it that way.
The idea of overcapping is a bit complicated because it needs potency consideration in trading DPS for that effect. Having an oGCD that uses Mana but buffs the party could be an option.