I did the event solo on all levels of characters. After getting my first compass on my level 5 FVS I was able to trade in for my next compass with just one run in the cove and have gems to spare... Yes, I had to trade more gems in than my level 20 Wiz... but I was still able to play it effectively. You just have to make sure you wander and kill as many things in the cove as you can to maximize your Gem take.
All in all.. fun event at all levels.