New Difficulty System (not talking about challenge ranks)

Even after the amazing apocalypse plus update and the constant balance tweaks many people still wish for a more relaxed experience. The best way to do this might be difficulty levels. There's already default, adventure, and apocalypse but that's not what I'm talking about. I'm requesting classic difficulty that can be chosen in the settings menu to alter the balance of the game. I was thinking about 4 ranks of difficulty. The most challenging would be hard mode. In this mode all mobs would deal 25% more damage and have 25% more health including bosses. Normal mode would be the next difficulty. It would be the current balance of the game. The difficulty below that would be easy mode. This mode would have mobs deal 25% less damage and have 25% less health including bosses. The easiest difficulty would be peaceful mode. It would be like easy  mode but players would get infinite lives. I would like to note that this should not effect loot rewards. This should only help players  have a game more tailored to their preferences. Please consider this. I think it could be a wonderful addition to the game.