I personally don't Tiger Palm a ton. If I have some free GCD's and chi to spend, I do, or if I need to put DPS into the boss more than healing, I do.
That's about it though.
It's based on what's going on with the fight, and your personal abilities to keep things tracked. If the fight is really light damage, sure, why not? If people really don't need the heals, especially if keeping renewing mist up on everyone is doing the job fine, then there's nothing wrong with doing some more damage (and healing from that damage for that matter).
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I've really yet to see this as a viable way to heal. If you want to play a dps, play a dps. But you shouldn't be using a rotation here. I give myself two stacks of serpents zeal on low damage phases and melee, sure. But i would hardly call this a reasonable way to play the class. You should be mixing both, not focusing on one thing. The sheer output lost from ignoring your mana driven spells is not worth the smart heal aspect of it or the damaging part.
So far, every smart heal that's been added to the game has easily been outhealed by someone who knows where to place their heals. Your whole instruction manual on how to single target heal is a huge waste of mana. To provide the output on a heavier damage hitting fight, you need to rely on other things than just eminence to heal your tank,
It is a viable way to heal, although you NEED to keep other things in mind. You statue must ALWAYS be down. You MUST have 2 stacks of Sepent's Zeal at all times. Renewing Mist is your PRIMARY Chi builder, not secondary. It has to be constantly on cooldown, always cast on someone who doesn't have it.
For melee/fistweaving, you can't just sit there and keep ReM on CD, and Jab, TP, and BoK till the boss dies, that's not how melee healing works. Jab is a secondary Chi builder as I said, after ReM is on cooldown. I would also say that Expel Harm should come before Jab as a Chi builder purely because it's cheaper. The same goes for Chi spenders. BoK should only be used to either get Serpent's Zeal up, and to keep it from dropping at less than 3 seconds left on the buff. As I said above, Tiger Palm is situational & skill based. If you can handle heavy AoE and casting 1 tiger palm every 20 seconds, more power to ya. Other than that, Chi needs to be spent on your level 30 talent, or Uplift. The only time you would focus more on actually DPS'ing is when the damage is light.
You last comment about single target healing: If you are raiding with, say, a holy paladin, and YOU are the tank healer, you're doing it wrong. Monks are amazing raid healers. It's better that you leave the single target to healing classes that are better at it.