Is there something new in this box every blood moon?

I beat my first lynel 4 days ago, and everyone told me to find the floating coliseum and try it. Definitely an intense challenge, and I think I started wearing off the cover of my left joystick because I was stress dodging!
Tips I found helpful: 1. Take advantage of bullet time. Post-mount was great, but I also used ascend from the cells on the sides and then jumped off to get some extra shots off. 2. Flurry rush with a blunt weapon is better than bombs for getting the armor off.

Tips not so helpful: (or that I couldn’t figure out, and am still willing to try) 1. Getting a weapon 1 hit away from breaking to use while mounted. Maybe I’m bad at counting, but it seemed difficult to get a weapon to that point so I didn’t bother. Maybe it would have been easier. I also much prefer flurry rush weapons. 2. Get health down to one heart. Also didn’t try because I couldn’t figure a way to lower my health that far easily.
Oddly I think the armored lynels are easier because you get a free mount. I’m also curious if there is a benefit to faster weapons when mounted.
Please share tips if you have them, because while fun that was still wildly difficult! I want to try it again, so I’m wondering if there are more cool prizes on subsequent attempts.