MTB Ultramarathon, sweetspot or tempo pacing?

I’m training for a similar race at the end of summer.

I would keep doing the hills during training at between 80-85% FTP. I personally wouldn’t ride 88-92% FTP regularly (or at all if you are me) for this type of event. I’m building up my CTL with as much tempo and Z2 as I can. In fact, if you can, I would try to do entire steady rides at 80-85%, not just the hills.

As you get closer to the race, I would gradually start to mimic the demands of the race with simulation rides. As you have suggested, this will mean those simulation rides would be at a lower intensity.

Also, see @chad advice here:

Particularly the part starting: “You could definitely see some return on a bit of Traditional Base in those final 4 weeks,…”. To me he is effectively saying lower intensity and try to increase duration as you get closer.