I'd say that you could absolutely do it. It will be crowded, and hot midday, but not nearly as hot and humid as WDW -- and no afternoon thunderstorms. Three days is pushing it in summer (I'd usually recommend around 4 or 5), but still very doable.
Since you are thinking of staying on-site, consider booking through
AAA if you can. You would get an enhanced FastPass which would allow you to collect FPs for several different rides at once (without waiting 2 hours or for the the FP time of one ride to come-up). During the busy season, this is a valuable perk.
Like WDW, the trick is to go early! You should have an EE for Thursday morning. DCA doesn't get as crowded, so I always start my day at DL and hop over to DCA after DL starts getting crowded. (The parks are adjacent to one another, so its easy to go back and forth). Other advice: keep reading these boards.
There aren't nearly as many restaurants to choose from as WDW, but still many good choices. Blue Bayou is unique in its atmosphere, but will be hard to get into. I don't think its going to start taking PSs until a little later than mid July. It's currently closed due to the Pirates makeover, and will not be reopening in late June, but word has it that it won't start taking PSs right away. What kind of restaurants do you like?
It's very easy to get a shuttle from the airports to DL. There are also buses, taxis, etc. There are several airports that you can fly into. LAX usually has the lowest fares, but not always. Orange County (John Wayne airport) is the closest, followed by Long Beach, then LAX and Ontario.