There's a nice summary of the holiday to be found over at /hug. There's also a nice guide at wowwiki.
As I was about to start visiting all the elders in the world I thought that there should be some clever way of importing waypoints or something in a Cartographer/Questhelper/tomtom sort of way.
I looked around and found Tourguide with the module Tourguide - The Lunar Festival. Very nice! Just activate the guide and tick of the progress. It works with Lightheaded and puts waypoints on the map which the waypoint arrow of tomtom updates on.