Nope

understandable, have a nice day

The only step that is worth it is the cheapest, since pays you back around 2.5 times what you spent, so if you want to invest a few ingots do that one. The more expensive ones aren't worth at all, unless you are a very low level and you still get a considerable boost by getting level 4-5 magatamas.

First one is definitely good value for someone not afraid to spend a few ingots.

Personally, for a more casual-spender... I think the goal is to try to turn ingots into about double value worth of coupons at pretty much all points.

In that vein, we want 200 coupons worth of value from it and it's giving us 30 coupons, 1.8 seal scrolls, 1.2 charm packs, and it's also giving us 10 shurikens to throw (which should turn into at least a few mood scrolls). Let's not even really talk about the level 1 rune stones... but they don't hurt.

Just the 1.2 charm packs and 30 coupons back is 180 coupons worth of value. Even if we de-value the seal scrolls because we primarily want power then the mood scrolls we'd get thrown in makes it good enough value... and, of course, seal scrolls are certainly never bad and no one's going to consider them worthless!

Yeah, if someone's not against spending 100 ingots... I think they could definitely do much worse.

Now, the other ones? I won't even bother with math... they don't add up favorably for the more casual spender.
STILL, I don't think they don't have any value! If you're a more heavy-spender then it's very possible you want DP Hidan frags.

At that point... you kinda just need an event to throw ingots into.
If one were chasing DP Hidan frags EXACTLY then I think the other froggy events are a totally fine ingot-sink, so that you can get the shurikens for the balloons... but, even then, this would be if they had an excess number of actual coupons already that they didn't really want to spend on anything in particular right now.

Cool and insightful.

As others have said, it depends on what you need and how much you are willing to spend. Most events like these require some serious calculations on the player's part to find the highest maximum return. So yeah, you are likely going to need some calculus/pre-calculus to find the ideal amount to invest in the event. Gotta love complex math.