The problem with that idea is that the border is like size 3 to 7 or so depending upon how many pixels the radius of the rounded corners is. This means that, with a sliced sprite, the smallest the sprite can be is the total border size (6 to 14 or so with our estimate numbers.) This means that, in scaling terms, a full life bar is, say, 300 pixels in size, and a 1% life bar is ~18 pixels in size... meaning the transition from 1% to 0% is inordinately large due to the extra padding of the border.
This can be solved by using the live value indirectly, and scaling it to allow for the padding effects... but there's still a big jump from 1% to 0% visually. I suppose you could use the UISlider for anything from 100% to about 4% life, and then switch over to custom code that uses pre-made UISprite items (not sliced or scaled) that handle the last little bit and ensures the proper visual presentation you are looking for.
Not exactly the easiest solution, but at least it would have the behavior you need.