A very nice submission! I like the idea a lot, really a lot.
The mood is awesome, the challenges are really interesting and it could be a wonderful party game with some minor changes — something like "Aye, Dark Overlord", but with more structure. In that case, with multiple players, the only thing to be aware is the problem of exclusion of the losing player. If the game keep on for a while, an exscluded player may feel a little bored just watching the other play. You may insert a group role called "choir" or "audience" in which all excluded players goes and give them powers over the Jesters' performances.
Except for that thing, i think there's a bit of balance that is needed, but overall I like the idea of the King's Mood and the scale is quite inspiring. Good job!