The Crafting Event is a very popular annual event in ROM. During this event, you get the chance to receive special purple crafting recipes that are not found in the game. To craft the special recipe item, you need special ingredients. Those ingredients are rewarded in a quest, which is located in Varanas Central. Go to the main crafting area and talk to the first NPC on the left (behind the potion table). You will also be awarded a crafting certificate. Once you have 6 certificates, turn those in to the NPC located at the foot of the stairs (to the right). This NPC awards you with a possible rare recipe. If not, you get something else.
During this event, you have the ability to level your crafts skills at a higher rate (cost money versus runes/resources).
Absolutely, more alts=better. Example, each of your characters can do the daily ingredient quests. Since you are only awarded 3 special ingredients a day, the more chars that do the daily quests, the better. Keep in mind these quests are for the common ingredient for the special purple recipes. You will need the rare crafting item as well.
In order to get the rare craft item, you must participate in the event that takes place every few hours (I believe) from the NPC that stands on the wooden deck at the same location. He asks you to craft a certain item (using a random craft skill). Upon returning that item, he gives you a special item that you can turn in to one of the 5 NPCs (located next to the tents on the left) to get your rare craft item. It is only then can you craft these special items from the purple recipes.....or you can just buy them (recipes/craft resources) if someone sells on AH.....might get expensive.
I am sure I left out some more functions of the event, but this is my interaction with the event.