OP - Over the past year, CCP has offered a variety of event conditions. Some have been new-player friendly with quite good rewards (battlecruisers and battleships, even). Others have focussed on being completeable with specific higher-end ships and T2 or faction gear.
This event actually is doable by Alphas. You can ‘participate’ just with bounties, which you get from almost any content. Note: ‘participate’ doesn’t mean ‘earn something good’, because the reward system with its’ 400-800-1200 point goals translates to “only if you can farm huge bounties every day”. And even then, the rewards are lacklustre.
Alphas can profit from the event directly by farming the frigates… although the salvage is next to nil, there are no bounties, and the value of the drops is mostly in the Agency Boosters - which will soon drop to nothing as everyone can farm literal boatloads of them from the frigates.
Alphas who have gone beyond the basic 5 million SP limit, and unlocked pirate cruisers, faction/pirate BSs, and T2 level weaponry, as well as being able to afford some bling (faction webifiers, or Geckos, for example) can actually complete the high sec cruiser sites. Or if they team up with a tackler and DPS combo.
So the event is not really ‘new player friendly’, which is okay; certainly some events should encourage players to go Omega at least long enough to unlock some better ships and gear.
On the other hand, since the event requires substantial ship/gear/skills to do, and a pretty big grind for points, in order to receive minimal rewards (400 pts for a soon-to-be-worthless agency booster? 800 for a mediocre accelerator?) - the question is… why bother to do it at all? There are more interesting and profitable things for people with those ships to do.