Maybe it would be overkill, but someone should be making a "3 hearts-only" run. I know that it is possible.
I did it on Kaze no Takuto (the japanese equalent) a few months after its release (I did it because people made a 3 heart run on Ocarina of Time countless of times and I wanted to provide something early to the Zelda community), but it was not a full run, since it was segmented (saving after each dungeon) and I didn't record the video.
I still have the webcam'd pictures I made of my savefile (My name was DJSonic back then).
Zelda KnT - 3 hearts only - File Menu
Zelda KnT - 3 hearts only - Item Menu 1
Zelda KnT - 3 hearts only - Item Menu 2
The hardest boss to survive and that takes alot of Resetting to finally beat is Puppet Ganon (the boss seen on part 22 of TSA's movie). If you fail to beat him properly, you will get owned pretty fast. Other than that, the game is easy come, easy go.
There are 2 items that can't be skipped at all (which I wanted to skip but they had to stay as part of the game story and to be able to continue the game at all), and that was the Bottle you ger from Medley (sp?) and the Heart Piece you get from the "Hide'n Seek" boys (man, I've forgotten about the game completely). Other than that, that's all the items you will ever need to pick up to beat the game.
Otherwise, I say TSA did a wonderful run of the game. I was impressed of the beating of Puppet Ganon mostly. Well-done, man! ^_^