Will be sort of both because people will want to enjoy the experience more than going for the win. Also FFA and items make for some innacuracy in results (which isn't that important cuase this invitational doesn't have any prize as much as i know).
I want to note that FFA and items make for some innacuracy in results but you can still play competitively with them. We ban them because we want to have acuracy over who SHOULD win the match. Note that a tourney tries to measure the player skill's level in a ranking in the results, and all the tourney parafernalia is there to ensure this. Double elim. brackets, pools, seeding, no-items, some scenarios, the ruling... etc. This doesn't make a game with inacuracy incompetitive (in realirty, it's impossible to be perfectly acurate because tons of psycology, health, light, height level, oxygen and a lot and lots and lots os issues that arise (and are taken care off, for example, in tennis) but we can't control them nor they change the results of the match (usually)), it just makes it boring to play competitively/loses its meaning so it's not desirable.