Lost Island is pretty dangerous, mainly due to the lava that's everywhere. The most annoying part would be the second level, where you have to make your way to the top of a massive room. It's very easy to die here, so save every checkpoint.
Thanks to HolyHa1fDead for mentioning that if you complete the Egyptian Speedruns before attempting this, you will unlock the Infinite Health cheat. It will make you immune to enemy attacks, let you walk through fire and traps, and allow you to fall from any height and survive. The only thing that will really kill you is the lava, so take care not to fall in.
Overall, I'd still advise saving every few checkpoints, and then reloading the game if you die. This'll save you having to run through any of the levels more than twice. As this area is the hardest in the game and lava is especially prevalent, saving it every checkpoint may not be a bad idea.