Without the phone it's a lot harder. Though I'm winding up with way more money on my Hero Mode play through without farming, thanks to hidden chests and puzzle rooms. It definitely has the best economy of any Legend of Zelda game, but Rupees are still plentiful (over 5000 before Master Sword).
Also, I beat all 50 Streetpass Challenges on Normal mode. Awesome little story segment at the end.