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Great question Andrew! Going to add a note to the page now, but to answer your question: I would say this is 2nd-3rd+. Would be pretty deadly to a first level group I think. Though the monsters arent all really tough, the dungeon doesnt have  multiple exits, aside from the entrance the exit at the very bottom. There's quite a bit of direct conflict. The big bad at the end is tough. It does present a fairly easy opportunity to escape the Big Bad Serpent. This is done in order to introduce the big bad to the island in general, as a large creature to keep a look out for.

Hope this helps