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As of the April 26th 2006 update, Blood of the Master heals all allied minions, and additional sacrifice is compounded for minions controlled by allied minion masters. With 48 allied minions, the sacrifice cost is 101%.
Use of Aura of the Lich to counter the sacrifice costs. 4 Vampiric Horrors is usually enough to counter all sacrifice costs for a full army of 10 minions.
A quick counter to an enemy Minion Master is to put Scourge Healing on several of his minions. Blood of the Master triggers Scourge Healing for each minion that has it on.