A bunch of co-workers rode the CA ride last week- a few were not what anyone would consider hardcore bikers, so they enlisted my assistance for training and "consultation." I split my time riding with them between fixed and geared.
You'll probably find that for a huge percentage of riders, it isn't about biking- and avg. speeds will be relatively low. They technically don't even allow drafting- which is ridiculous until you consider the lack of experience many riders possess.
One guy said he'd never do it again on a double chain ring. I don't know the mountains or elevation profile- or lack thereof, but gearing could be a huge issue. Another guy crashed out quite badly- had a concussion and was pulled from the ride. The two women with little experience did very well- but their focus was on finishing, and they really had nothing to prove.
Other than that, I'd start ramping up your mileage to 250 miles/week- or more.
If you are not a lycra fan, you might want to reconsider and buy some decent gear. I prefer bibs- with a quality pad.
I hate saddles with cutouts- the cutout acts like a knife blade sticking into my ass- so I wouldn't consider that a blanket recommendation- but it might suit you just fine.
I also don't ever use chamois butter. I good pad in a bib with a good fit on an ass that has spent hours in the saddle shouldn't arbitrarily require it- however, the crew that went applied it with a trowel.
If you are even remotely homophobic, be prepared to be surrounded by men calling each other girlfriend, honey, *****, etc...
Again, it is less about biking/performance and more about being able to tolerate long hours in the saddle. Some people will take 8 hours to finish a century, with all the stops, the pace, etc...