Looks like I was wrong a bit on the GBA's HP Absorb formula..
It's actually much simpler than that...
Damage = currentHP * maxHP modifier / 25
and then...
Damage = Damage + ((Damage * rand(100,150)/100) % 256) - Target's Magic Defense
To resummarize the SNES's HP Absorb forumla..
Damage = (maxHP modifier * 4 * rand(100,150)/100 - Target's Magic Defense) * Spell Multiplier
In looking at this, it's really pluging it into the regular spell damage formula...

The GBA absorb formula looks very much like current HP damage formula (well, particularly the Blue Dragon's Blizzard/Ice Storm attack), except that ignores Magic Defense.