I don't think so. The command "target_custom_next" can be used to target only alive or only dead targets, but I don't think there's any way to tell it to select targets only above a certain amount of HP.
AFAIK, there's no bind mechanic to assess anything about targets but their name and whether or not it's alive
The jump is random, I've learned to just treat the attack as a ST attack. Elec Melee has a ton of AoE to worry about just that one attack.
Is it possible to script a macro or key bind so that chain induction will automatically target the closest enemy with the highest hit points. It gets frustrating when the initial hit kills the first target, eliminating the possibility of a jump to the next target.
Thanks