Ifrit Showdown can be farmed on Hard or Very Hard fairly easily for newer players, allowing them to easily accumulate event items. For newer Fire players, unless you happened to draw a good Fire ATK summon, getting at least 1 copy of Ifrit to use as your main summon will be very beneficial.
The 03 Ifrit Halberd spear is worth keeping if you find any, but don't bother with any of the 03 weapons. While the spear may not have a spot in your grid later on, it has a good skill which makes it worth keeping to use with Spartan or Sage later on. Newer players will be unable to unlock the level 120 skill as that requires a 4★ uncap, which is extremely material-intensive to unlock.
As with all showdowns, you can buy 5 Half Elixirs per month, and you should be able to get enough materials to buy all 5 each month while using less than 375 AP, so it's worth spending the time to farm materials.
Simplified drop table
Disclaimer This section is still being written; it may be wildly inaccurate or missing significant data. If you can help please feel free to edit it but please write edit summaries, preferably with sources.
Massive Fire damage to all allies. Inflicts BurnedHP is lowered on every turn and CursedCan't be healed .
Crimson RoarOD
Medium Fire damage to all allies and remove 1(?) buff. Ifrit gains ATK UpATK is boosted , DEF DownDEF is lowered , and DA UpDouble attack rate is boosted .