I ran some new players through a gauntlet to get them leveled to 2 very quickly. They were a slightly higher powered party (they were allowed to roll for stats), but there was only 4 of them. They went through the 1st level dungeon delve with few problems. To follow things up I ran them through the intermission encounter from Keep on the Shadowfell (with the elf and the undead) and as their 5th encounter of the day, they did the Irontooth fight.
By that encounter, most of their dailies were used up, although they did recieve new magic items at the end of the 3rd encounter (they basically got the entire treasure package for 1st level). This actually meant that one of the players was wielding a magic greatsword they weren't proficient with (yet) which meant that things were a bit riskier (they were an avenger though, so it didn't hurt as much as it would against others). There was some DM fudging at the end, mostly because the store was closing and I wanted to end things, however part of this was also because earlier in the fight I was misusing Irontooth's double attack power, using both attacks against the same target, which twice resulted in critical hits that wouldn't have happened, and thus, odds are the entire party would have still been concious during the end game where it was only Irontooth left, so the fudge of not counting his regeneration would have definitely been countered by the extra damage from the swordmage being up and about instead of unconcious.