Physic + Embrace is definitely good, but when I say clutch pick-ups I mean stuff like Benediction or Swiftcast + Divine Seal, "we are going to get wiped otherwise" situations, you know?
Best you can do as SCH in these situations is throw 3 Lustrates around, Swiftcast Succor and hope your party lives through the Whispering Dawn cast time.
Lustrate is much more powerful than benediction, because it isn't on a 5 minute cooldown. Proper aetherflow management is just another skill that a scholar has to learn. Eventually you'll get a feel for it so you should usually be in situations where you can use it and be fine. It's a bad habit for scholars to panic and press it a bunch of times, though. Press it once, press your embrace key at the same time, and that is almost always enough to get a target out of danger. Also, don't forget about rouse. It's one of your most valuable tools and it seems like so few scholars use it. And don't be afraid to cast succor a few times. It doesn't generate a ton of enmity, and it will create a buffer for your white mage to be able to get that AoE heal out.
Trust your white mage to handle the big AoE heals, and do what you can in that area to reduce damage. Knowing the fight so you can get sacred soil down before big damage comes, having succor up before big damage comes, and then reapplying again afterward once or twice is usually plenty. Scholars are fantastic single target and spot healers (being able to heal two targets at once is a huge boon that should not be undervalued), AoE healing is not our forte, but that's okay because we should always, or usually have a white mage partner.