A lot of the matter involved in playtesting is that a lot of places are unfinished. I'd say wait until Level 2 is complete before doing a playtest. There is quite a lot missing but at the same time it is the closest dungeon to being finished.
I do advocate nerfing a bunch of enemies in Level 2 by cutting their Step Speed, because apparently the step speeds of enemies must mirror that of Link's while in his transformations (Newsflash: This doesn't work - Enemies either move too fast or Link moves too slow when that philosophy is in effect). I also believe Level 2 is also shaping up to be a lot harder.