I also used a fairy, with the aura, a great boost of mood with freshly washed clothing, great music and a very nice decoration she almost always was in a very good mood.
First thing I did after loading my game was take a logic class and then head to China. I "borrowed" the books at home camp and went to the market. After buying the training dummy, board breaker (wast of money), some food, incense holders, showers in a can and the two person tent I went home.
After reaching level 3 in logic I started inviting people over. I used a fenced in area (didn't remember to lock people in, will have to do that next time, so many just left after a lost match) with two (later three) chess tables with comfortable chairs, the best music, incense holder from China (and the one from France wich I bought at the consigment store) and some decoration, my sim always had a great mood. In between waiting periods with the chess opponents (I had some bad luck with people heading of for a full day of work just after ariving at my home) I read the skill book for material arts (also bought from the consigment store), and after reaching level 3 I used the training dummy.
When I had reached around level 6 of material arts and deveated I think around 12 people from my chess tournament, I went to China for 6 days (with prepared traveler). Just before going on vacation I went to the spa for the completly at easy moodlet (lasting 7 days). This meant that my fairy sim could always had an aura (for boosting mood). I started my tournament at the academy, but after a few matches I had one opponant refusing to come over. I went to their house and challenged them there. I bought the inappropiate LTR so I could nap in their house between fights. This meant I hardly got the fatigue moodlet. Before a match I would made sure my mood bars were full. The first few matches I lost some before winning, but after the routine with napping between matches I only had to rechallenge them once or twice. I got lucky that I could do all of the tournament in China within the 6 days, so I had no need to get on a second vacation.
I completly forgot that you could use elixers in this challenge, and I didn't remember that I could do the chess matches in China too, could have saved me some time.
Also, architects get a discount in build/buy for as long as they hold the job for.
I didn't knew that either! Something to remember for a next challenge.