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1-2 hits and it's pretty much over no matter what shield you're using.
I love this game and put a lot of time into it but that isn't fun or challenging. It's just annoying and stupid.
I will say this though--right before I started the new difficulty I found The Sham (85% bullet absorb chance) and that shield really works wonders. Most enemies who don't use bullets though? Forget it. Once you get tagged twice you're not gonna get up because they have way too much health.
tl:dr: Soloing this mode sucks, conflicting schedules between friends also does. I'd be totally ok with the health boost if you wouldn't go down in the blink of an eye.