For Sunday:
Yes, there is a DH event, I think they’re using The Good, The Bad, The Ugly trail which is fairly central behind Pedalabikeaway Centre (and crosses the ‘push up’ route).
There is a road closure on Sunday morning between 08.00 and 10.30 on the B4226 between Speech House and Cannop Crossroads so best to approach from the A4136 Monmouth road between those hours.
The trails are great at the moment, very little mud around.
As said above, within the four roads bounding the area behind Pedalabikeaway there is a lot of good riding. Beyond those roads there is even more great riding but you really need a guide to find the best of it.
EDIT: Oh, and the parking charge at Pedalabikeaway contributes towards the MTB facilities in FoD 8)