Do you prep for "fun runs" as you would a normal 5K?

I am running a 5K on the 24th and on Sept 2. Both of these are considered "fun runs." The one on the 24th is a night run called The Neon Vibe. You get sprayed/splashed with neon colors as you run under black lights. This race I will more than likely be walking most of it cause I'll be going with a friend, and we're both bringing our 9 year olds. However, the one on Sept 2 is a morning run. It's called Sparkle Me Wild. This time you get sprayed with bright glitter colors. This one I'm just running with my hubby, so I'm going to try to run as much as I can.

So my question is, do you prepare for a run like this like you would do a normal competitive 5K?