Although I like the concept of reviving, I don't think it will work.
The couple of shooters I've played with reviving-able medics, there you have some state of "down but not dead yet". When the enemy sees such players, they make sure they go to state "really dead".
So in our case, "down but not dead yet" teammembers are at the front, where the action is. That is also the place where the medic is most vulnerable, especially when not moving...
EDIT: the ability to choose between uber and reviving might be better. In that case the medic is less vulnerable. And it would be limited and to-be-earned.
So ubering a corpse will revive him. The ultimate Dr. Frankenstein!!! "IT'S ALIVE"