Is there any official material on the effects of this day and night, particularly the night?
The Liber Mutatis Wind of Change adventure gives Geheimnisnacht effects. If there isn't something official, I'm thinking something like that + an extra helping of the sort of Morrslieb nastiness in Edge of Night with undead having benefits as the fluff indicates they are more present and earlier edition said they were "energized". There was also in earlier edition suggestion that people sometimes had prophetic dreams on this night for their fate in coming year.