Yes it is possible but not worth it. Best option is to get a pet out, use its DS (innate or cast on him) and recall the pet when the mob starts to flee. At level 47, I still use the level 8 35DD spell to finish mobs (a couple of cast in general).
Regarding the mana granted back by reclaim, it is indeed based on the %HP left but does it matter when you spend your time meditating and only use low level spells to finish a mob? Nope it doesn't, you will still be full mana most of the time
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