I have a Sorcerer that never runs out of magic. She may not be Trials sustainable, but in PvE mob fights, the magic bar is refilled just as the last boss dies. But I give up extra spell power and protection and other attributes to do this.
The OP was asking about health regen. I think your magicka regen build is a valid option.
A Regen Build is more viable now than it was in the past. However, like all focused builds, you will have to give up something to get something else. Your going to load up your armor sets with Regen Bonuses (most of which do offer other tactical bonuses), your Jewelry with Regen bonuses (like the Rings of Syrbane for example).
Very good advice here. There are quite a few sets that give really good regen bonuses.