In a post I wrote back in 2009 I talked of the benefits of combining MVT testing with campaign activity in a post called Riding the tsunami. Coming late to the party, but nonetheless getting there in the end are Get Elastic ,a very good web optimisation site with some valuable testing ideas and concepts, endorsing this very same approach after a bit of soul searching with an article titled "Should You Avoid Testing During a Traffic Spike?" Definitely worth a read.
I think fundamentally the message remains the same, it's okay to be MVT testing during a campaign if you're trying to optimize that campaign and not the long-term web experience of your visitor. As ever testing results are usually as a result of the following variables:
product benefit + moment in time + market position + customer experience