[The Philosopher]

My idea for the location of this event would be near the Tyraturos Tournament Grounds, where everyone can gather near the small bard stage held there. Sheds can be put up, drinks can be enjoyed and a city-wide festival can be more easily held in that area.

As for the hour, yes - about two or three hours before the main event would be quite fitting, as we don't know how long the festivities might be.