Does the party require a ticket separate from the event ticket. For example, if we spend our day in HS, can we go over for the party with a non park hopping ticket? Also, thoughts on the party, is it worth the money? Favorite things there?
The party has a special ticket, you pay separately whether you have an AP, 1 day ticket, or anything in between. There is a lot to like from special entertainment to low ride lines.
Here’s the TP guide to it- very helpful info: http://touringplans.com/walt-disney-world/christmas-party
I believe party ticket and event ticket mean the same thing in this case.
It is a separate ticket/event, allowing you access to the MK from 7pm till midnight, although you may enter as early as 4pm on the ticket. As @Mrs_Beast has stated it is different from any AP or tickets you bought with your room package, or otherwise.
I haven’t done it. But I hope this helps answer your question
You do not need PH if you are going to HS during the day and MVMCP during the night, even if you enter MK at the earliest time (4:00 even though the party officially starts at 7:00).
MVMCP was worth it to us - we found the decorations, special events, and lower crowds (we went in early December) to be very enjoyable. We didn’t get PH tickets and used the savings to pay for the party tickets.