It has recently been brought to my attention that there is an AddOn already developed by Phanx that continues in the spirit of Blink's original Blinkhealthtext AddOn.
Please check this out at the following link:
http://www.wowinterface.com/download...eenHealth.html
Phanx has a much better developed AddOn than I have provided and as such I strongly suggest that you download it instead of the current one I have offered here.