The revised rules are as follows:

• In emergencies when the Character is below 0 Life Points, they can ‘Channel’ their Mystic Points into Life Points, gaining +1 Life Point for every 3 Mystic Points (up to the Characters normal LP, but not more).
  
• In emergencies when the Character is below 0 Mystic Points, they can ‘Channel’ their Life Points into Mystic Points gaining +1 Mystic Point for every 3 Life Points (up to the Characters normal MP, but not more).

This allows a last chance for characters who are really in a bind to possibly make it through. But it can only be used in emergencies. I think that works a little better than the original rule. The ratio both ways now is 3:1. Seems simple and fair to me. Thanks for the push in the right direction with that Chris. 🙂