Absolutely you can setup the PAN to send you email alerts each and every time you miss heartbeats or have a failover.
Now for the warning:
When you set up your e-mail alerts they are not based on the Type of alert rather they are based on the severity. If you were to set your alerts to send on everything from informational to critical you will quickly begin seeing a flood of emails alerting you to everything from a catastrophic failure to a successful ssl/vpn login. I would strongly suggest you spend some time observing your system logs so that you can make a informed decision on what level of alerting will best meet your needs.
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