I think my main question at this point is if anyone has any idea how many players are playing each tier? Like, should I concentrate on one or try to go at all three?
Finish one first, get a feel for it. Then look at your total score and compare to leaderboards.
And take it from there 
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Know thy enemies! The new event heroes that you can Summon are also the bosses in this challenge event! (Hint - bring antidotes!)
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There was some helpful advice in another thread that I’ll repeat here that helped me kill the final intermediate bosses after failing miserably the first time even with a gem resurrection. No gems needed 2nd time.
First of all my team was maxed Tier3 (not 4, waiting on ascension materials) - Melendor, Boldtusk, Grimm, Tiberius, and Chao. Choosing good battle items helped. I picked 10xsmall antidote, 5x arrows, 5x axes, 10xsmall mana potion. I saved all the antidote, arrows, and axes for the final boss fight and only used 2 of the mana potions before then. Also, I gave up trying to really save the purple character - with the reflect damage, it’s just not feasible.
I also went really slow, not caring about time bonus, but just wanting to finish for the fine gloves and trap tools. I really took my time and thought it out.
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Arg… for some reason I ignore the sticky posts at the top and didn’t even notice the event thread in General Discussion! I was wondering why no one was talking about it. Thanks anyway…