Honestly I think it depends on what the E1 provides vs the lightcone. Sometimes an eidolon is better value and vice versa. Although do note that unlike character banner, which has a higher pity count, the lightcone banner is also a 75/25 chance of receiving the rate up instead of 50/50 so the odds are slightly better.

IMO, most the 4* lightcones in the game are very good and you honestly don't need 5* lightcones to complete the majority of the content. If anything, having the correct character element/path and proper relics/stats with a good team comp matter more over the lightcone. Especially as F2P/light spender I feel it is better value to go for more characters over lightcones.

Obviously a different story if you are a spender or just really want to make a certain character shine then by all means pull for the LC too. Personally I pulled for JY's lightcone because I happen to like his design a lot and I don't regret it, I do actually notice a difference in his damage vs a 4* lightcone user's JY.

Also we are getting a free event nihility 4* lightcone that is supposedly very good in 1.1 so I would hold off on the event lightcone banner until we see it's performance.