Diablo Showdown can be farmed on Hard or Very Hard rather easily for newer players, allowing them to easily accumulate event items. For newer Dark players, unless you happened to draw a good Dark ATK summon, getting a copy of Diablo to use as your main summon is acceptable until you get something better. For all players, Diablo has a available and has favorable stats and a good call, so it is worth getting him anyway, though it might be smarter to just collect the uncap materials and hope to get 4 copies from drops rather than buying from the shop.
None of the event weapons are worth spending resources on, so you can use them if you happen to get them, but don't use items to buy them or spend fodder skilling them up. Diablo Bow may be worth keeping for much later as some advanced Dark builds do use it, but do not spend resources buying it. As with all showdowns, you can buy 5 Half Elixirs per month, one per day, 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 this showdown.
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.