#3 is fine, but it is somewhat idiomatic. #1 and #2 sound unnatural, as we seldom use 'much' in affirmative statements.
Can one say:
1-That is much you have to do.
2-That is much.
3-That is a bit much.
instead of:
1a-That is a lot you have to do.
2a-That is a lot.
3-That is a bit too much.
#3 is fine, but it is somewhat idiomatic. #1 and #2 sound unnatural, as we seldom use 'much' in affirmative statements.