False. Fizz's W already has a % missing, a quite high one at that, and even it lacks in killing potential, not to mention his job is to kill you without the DoT passive unless it's very early in the game. Cass wouldn't get much of a change since her damage, despite supposedly being a 'DoT Mage', is all burst. She'll kill you before the poor thing even has a chance to proc. Morde wouldn't become OP if it did 10% max health anytime you did magic damage because his damage is sub par and him even getting close enough to do it considering he has absolutely no way of getting anywhere near anything to do his damage since he has no CC, no mobility, and very limited range on top of CD's that are laughable for the damage they do. He needs a lot of love before he could be considered anywhere near OP and items won't fix it. Rylai's was supposed to help him with the slow it gave and even THAT hasn't brought him enough power to be good enough to compete with anything.
Out of them all, Malz could potentially make use of it with missing since his E tossed on a low health target, which is common, would actually become a frightening thing. Satan's Shrooms with % missing health or max would definitely be a sight to see. I do miss the old shrooms at 100% AP ratio and such... Made you actually need some pinks or an oracles, though no more oracles. Morg would become somewhat good with it since her Q does a lot of burst and it'd add to her W's damage, on top of ticking afterwards. Would bring back laning Morg, something that I personally would love to see.
Above all else, I see Swain REALLY putting this to use. He is an AoE DoT Magic Damage Drain Tank. Could skyrocket his damage dramatically since he does constant damage to multiple enemies. It would be worse than a Satan Shroom!