Yes its very playable. You got Bloodbite Ring and Bloodshield to delay it up to 450%. You can make around 15 hits in a row without triggering the effect on yourself.

In addition, it is advisable to have an off-hand weapon when waiting for the bleed meter to go down.

very much so, i advise having her dagger in RH2 slot to keep the lifehunt bleed pressure up while you wait for your own bleed to drain

Absolutely. There are high bleed resist armor sets, bleed resist shield, bleed resist ring (which multiplies your bleed resist 4x), remedy sorcery and red moss to remove build-up, can use another weapon in offhand etc. This thing demolishes bosses when you 2H it. Bosses seem to bleed for 1/3 the % that regular enemies do. ~16% on proc is massive in NG+

it might mean that it is able to be buffed with hidden weapon