I'd be glad to see iron flesh becoming like shield skill, not giving extra HP but improving the effectivity of armor, like reducing the effective weight of the armor (moving faster) and maybe giving more protection aswell.
I think IF's 2 health points is hardcoded. So they cannot remove it without forcing WSE2 (if that even makes it possible).
@OP: Like the idea, but since it would be a massive nerf to agility based builds, who rarely cannot afford extra IF because you need to spend to ability point per 3 atribute points to reach the full potention (1 for Ath and 1 for WM) while you only need to spend 1 point on PS for STR builds, we would need to compensate by nerfing STR builds.
If this suggestion should be fair in any way, then we would have to force a certain WM skill or (effective) wpf as requirement for weapons.
But I fear that this would only lead to more min maxing and focus on "balanced builds" and boring similar generic builds.