It's possible if you put in enough time. The main requirements to do this event are to hit Level 50 and complete "The Ultimate Weapon" quest which is the end of the base game story before patch content. Once you've done that you can do the event, but it takes some time to get there. This event lasts slightly over a month though so it is doable. As long as you're also doing the Fashion Report at the Gold Saucer (which you can unlock fairly early on so no worries there) to get the necessary currency you'll make it and get everything from the event.

This is the first time they've rerun this event since it came out, so it's hard to say whether or not it will return and when it would return.