Actually I don't think that would be a good idea.
I actually like your idea, all I need to do is figure out how to get the timer/bar for it.
Well, that's not even the problem, the thing I wouldn't know how to do is to keep the OTHER player (if you're healing them) from moving.
What if I made it so you can ONLY heal yourself, and if you wanted someone else to heal, you'd drop it and let them pick it up?