Just got off a leveling spree on a new toon to test this out but I'm sorry to report that Masochistic Effigy (the 2x Force Shield notable) does in fact reduce both current and maximum health values. I had hoped that it only reduced current health so as to replicate a 'Low Life' effect from PoE. Very dissapointed it doesn't work that way since Blood for Blood's converted Shadow damage was central to my build idea, so I'm looking for any other way to make use of it.

Currently I can only think of using Fatal Pact (self-ailment node) on a hybrid build to constantly tick away at my own health but that's neither reliable or constant so I'm hoping there are other ways to effectively 'reserve' health away that I'm not aware of. Any ideas?