IwubCheeze: In all though, I hate this mechanic, if improperly done, the game can rely entirely on luck. It can push you into action even when you really shouldn't be jumping into a fray
This reminds me of a mechanic in Wonder Boy 2, that is also implemented (for Hard/Extreme mode only, fortunately) in the remake of Wonder Boy 3: The Dragon's Trap. There is an hourglass that will steadily drain, and if it empties, you take damage. However, collecting a heart dropped by an enemy will, in addition to healing you, also turn the hourglass back over, resetting the timer until you take damage.
Of course, the problem is that heart drops are random (though in Dragon's Trap, you eventually get armor that significantly increases the chance of enemies dropping hearts; neadless to say, that particular suit of armor is *very* useful on hard mode).