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Is placing all your attributes into health at lvl50, and enchanting your gear with magicka, still the best option for achieving the highest total points of health and magicka?
You can put all points in magicka or stamina and then enchant your armor with HP but this is not optimal because:
You need HP. HP is everything, you should always have high HP.
Since HP is the common (recommended) denominator, no matter what build you choose, 0/49/0 is the recommended way to go because it allows you to freely switch between magicka and Stamina builds. All you need is your LA with magicka enchants and your Medium/Heavy armor with Stamina (and maybe a couple more HP) enchants to hit the softcaps while still having very decent HP.
Some people don't use 0/49/0, I regularly switch between 10/39/0 or 20/29/0 when I have all the PVP buffs depending on the trial I go to because I don't need 2800 hp as a caster.
Currently, most people do that, but there are other combinations of attributes/enchants that let you reach your desired attribute levels. I'm not aware of any VR build that doesn't prioritize health over magicka and stamina, though.
I don't really get that, since magicka:health enchants have the same 1:1.5 ratio as the attributes, so it shouldn't make any difference. Tho I guess the strength of the glyphs skews up that equality to some extent.