I managed to kill the wolf once and the second one was stuck behind a rock so I could upgrade my pick in peace but once i started to fight the wolf again I now dealt 5 dmg but the wolf still hurt me alot - and then the next - and the one that killed me ....
I think you could do a lot with this concept but you should add some player feedback - like the range of the attacks (you and the wolf) and just when do you attack and how much downtime inbetween.