I voted 'No', even though there are rare times it can be a useful design tool. These times are usually when the HP cost is used in conjunction with other costs, and often deal with percentage-of-current-HP costs rather than absolute HP costs.
I generally encourage people to have four or more types of "points" in their battle system. Hit Points are almost always one, Mana Points are a common second one - from there, you often need to get more creative. One reason it's nice to have several different types of points is that it creates incomparables (things whose value cannot be directly compared against each other), which fosters interesting decisions within battle. Should I use 30 MP in order to wipe out the enemies quicker, which will save me about 75 HP in damage? Will I need that MP later? If there's also an SP resource, should I spend that instead and conserve my MP? How does it affect my decision that one can be restored with expensive items, whereas the other is only restored over time in combat? Which one can I afford to spend?
Another reason it's nice is that it creates a wider set of outcomes - I survived the battle, but I spent a lot of MP to do it, because I was underleveled. I survived the battle, but I needed to use items because I made a mistake or two. Or maybe I crushed the battle, and barely lost any HP, and I can feel good about that.
One of the big problems with using HP as a cost for skills, especially when it's the only cost, is that it removes several of these nice design levers from your battle system. It reduces the set of possible outcomes, it doesn't allow for interesting incomparables, and it actually narrows the target that you need to hit as a game designer when you're balancing your battles (because the resource used for survival is now the same one you use to accomplish your goals).
For these reasons, I usually advise people to avoid using HP costs on ordinary skills. For special skills that, by design, will only be used infrequently, you can go ahead and add HP costs to them without worrying too much if you think that the HP cost will add something to the skill.
I love Persona, and I think the series' battle system is quite nice, but that doesn't mean that every mechanic in the game is a good one.