To be clear, this event requires you run 3 or 4 instances for 12 days. That's 36-48 instances to acquire 1 item and 1 tracery token (that you probably don't have enough script to use anyway). On my 135 LM I ran the first day's 4 skirmishes in about 2 hours. That would be 72-96 hours of activity for a single item on a single character. I have 4 characters at 140 on one server and a couple more near cap.
This is an order of magnitude above any other similar grind. Each festival gives a BiS teal item in a T2 6-man instance. You might get them as a random drop on your very first run, but if you don't you need only 10 runs to get it via quest and be done.
I'm just opting out at this point. It's not even worth it.
Arda Shrugged : Elendilmir (RIP) -> Arkenstone -> Anor (RIP) -> Landroval -> Treebeard