This will vary as levels get higher, as more loot is added to the tables. All of the droppable vanity loot will come from the orange ghosts, but in different level brackets. The cooler loot is on the higher end of the level spectrum, but they're on par with the Night of 1,000,000 Corpses drop rates off of the special boss.
Since ghosts can spawn everywhere but major boss fights (Harg'kyth, Kriegberg) off of breaking objects most of the restrictiveness is in finding an orange ghost, and less on the loot itself overall.
Hope that helps! The event will be going on for a couple weeks at least so you should have plenty of time to acquire and find the good stuff yourself or through other players
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