I think a three-heart challenge is more than enough for most people. But if you can pull this off... congratulations.
Incidentally, even though I've never done a three-heart run, I actually beat Blizzeta with two and a half hearts. The way it happened was rather funny. Those ice-pick throwers drained all my health, and made me use up my healing items. When I got to the boss door, I found there were no heart pots like there usually are. I couldn't go back without having to do the last part of the dungeon over again, because Yeta was waiting there for me to open the door. To be honest, I wasn't quite expecting her to take me to the boss until I saw the lock on her bedroom door.
I was very angry that I had basically been forced into a boss battle with less than three hearts. That was the kind of situation I usually plan carefully to avoid finding myself in. I'd never fought Blizzeta before, but I drew on all my memories of fighting and dodging in 3D Zelda games, all the way back to OoT. I managed to avoid enough damage for the first few rounds that the hearts I collected from the ice pillars kept me alive. Blizzeta did hit me a few times, and just when she took my last heart... I got knocked into a heart from the ice pillar I'd destroyed. This last heart kept me alive until I finished her off.
Needless to say, that was a very stressful situation, and I can't imagine anyone subjecting themselves to something even more difficult willingly.