This skill in BWE1 basically made you "channel" the skill and gain a slight amount of invincibility.
This made you stand still and be unable to do anything else, just to hopefully "dodge" some damage and renew your Virtues.
For a 180 cooldown, that is horse crap IMHO.
This is the rework I would purpose for it.
1. Allow Guardians to move/attack while gaining the Invulnerability/Stability for 4-6 seconds
2. Recharge the Virtues instantly after activation
3. Have it Break Stun
4. Have it be affected by the 20% reduction to Meditations/Meditation Heal you traits, which Anet obviously wants Offensive Guardians to use in an offensive spec.
That would bring this elite in more line with Tomb of Courage, and make it a viable choice for those trying to do "offensive" guardians. Also this would be a great choice of an Elite to mitigate strong bursts from War, Thf, Rng, Ele.
I agree that Renewed Focus isn't in a good place right now, though it's worth noting that in the BWE, the cooldown was reduced to 100 seconds. Not that it really matters, for the effect you get.
I wouldn't mind the version you proposed, but I'd also be perfectly happy if they just changed it back to the way it was before, where it recharges your virtues and gives you invulnerability for 10 seconds. It was the only mobile elite we had, and I was really disappointed to see it nerfed so hard.
On a side note, I'd really like to see a more significant graphical effect attached to RF, even if it's just a bright blue aura around your character. The faint blue swirls you get now are next to invisible when the screen starts to fill up with effects, and those are usually the times you'd want to activate the skill. Not knowing if you're still invulnerable as you wade through your opponents AoE's really doesn't put you in a good situation. Also, from the opposite perspective, it's really only fair for your opponent to know that they can't hurt you, and the little text reading "Invulnerable" is, again, easy to miss in a tough fight.