Okay-ku! Healing spells might outclass items now. However, items might still be useful, since they can generally be used outside of combat, whereas skills/techs cannot. I'll note that the math indicates that, as a Technique, Chakra should only need to use 10 TP for a full recovery of HP. So, rather than deplete up to 10 TP, and perform a rite of calcumancing based on how much TP was actually spend, it will just cost 10 TP.
I kinda think it's cool to have an ability that cost a variable amount of MP/TP, and it's effect was based on that variable (some might recall Larue's Lotus Sword from Rainbow Vale, or possibly even The Blue Hood). Maybe that'll be a thing for another game.