The Chilly Hilly route is very popular with area cyclists throughout the year and, actually may be better if done later than February, especially if you haven't been riding all winter (hard on the knees so early in the year and all). It's 33 hilly miles and I agree: having done it on both the day of the actual event 5+ times with the thousands of other bikes and riders on the ferry and crowding the island roads, as well as many other times over the years, I much prefer to ride other times than on the actual day of Chilly Hilly.
Besides, the Dan Henrys stay visible for a long time, and there are usually plenty of other cyclists following the route any/every weekend, the cue sheet and map are easily available too...and the pub doesn't move either!