If someone told me the thing I'm about to tell you I'd get really pissed and feel quite insulted but truth is truth. After having completed it I no longer view it as hard. In fact I did it for less than 20 minutes today when the quest got reset. But here it is... If you can't beat it...whether it's because of the imbalance the damage reduction and big heals cause... then you shouldn't beat it. Who said everyone is supposed to beat it? If one can beat it then it is possible. If it is possible then it is balanced.
@the guy who asked about the rewards. The rewards are: rare quality versions of all 4 celestial pets and a marked flawless battle-stone - each of these cost 3 celestial coins and some other pet supplies for 1 coin.
You get 3 coins on your first completion of the tournament and you can completely it every week afterwards for 1 coin.
Back to the quote. The rewards are quite worth the effort and just because the thing exists doesnt mean everyone should have it. I'm glad I could beat it on the PTR with all these pets I am given there for free but I am more than certain I wouldn't be able to beat it on live especially since there are barely any good pets that can be caught from the wilderness.
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You get 3 coins on initial completion so you can get your first pet on the first week. You'd need a total of 9 weeks to collect the remaining 3 though.
EDIT: Very happy I was able to help :P
I had a specific reasoning for creating this guide. I usually don't do things like this and avoid doing so but this time it was different. I searched the net inside out and couldn't find any helpful information. There were some tips here and there in the US's official forum thread but they werent really helpful. I needed help and there wasn't anyone to help me. Not even on wowhead which was my biggest hope. And so I decided to make this for the others that were or still are in the same situation I was in.