What makes this worth the trip over a regular Saturday on Clement: the street is activated end-to-end rather than just the usual foot traffic, and the scavenger hunt format is a legitimate reason to duck into shops you'd otherwise walk past. The food situation is whatever the block normally offers, which is already strong — this isn't a vendor fair, it's the actual neighborhood running hot.
Practical notes: the 2-Clement and 38-Geary Muni lines both drop you on or near the street. Don't bother with a car — parking in the Richmond on a weekend event day is a commitment. No ticket required based on available information; goodie bags are first-come.
If you've got two hours: do the scavenger hunt first while it's early and crowds are thin, then sit down at one of the restaurants on the back half of the strip.