Billy, check last year's unused permits numbers:
Unused Whitney Permits - 2010 It shows the first snow occurred on Oct 2, with more on 10/5. Hiking pretty much ended on the 16th.
If you walk in on a Thursday or Friday, you will get a permit. It is entirely feasible to leave Yosemite and be at the IAVC (south of Lone Pine on Hwy 136 to Death Valley, not the ranger station in Lone Pine) in time for a current day's overnight permit. I suppose you might be arriving at Lone Pine Lake in the dark, though.
You are going particularly late in the year, so you will likely encounter some snow higher on the trail. Unless there is a heavy storm, though, it should be ok to just tramp through it -- there will be lots of others leaving tracks for you to follow.
Since you haven't been that high before, just go with the idea of hiking as far as you feel comfortable. You will no doubt have a good time and a great experience. If the weather is good and not much snow, the summit can be your bonus. On the other hand, if there is a storm brewing, go to Death Valley; it is a rewarding place to visit, too.
Have fun!
