Yea that does make sense, that way however it is important to note that originally there was also an item called Life Preserver which not only gave 50hp but also gave 100armor. This item was the same price and was used on buy and limited to 1 per life similar to tomes.

If I was to change periapt of health to always remove 50 when it is removed it would only be when I also add Life Preserver back so that you still have the ability to buy a one time health potion.