Permit process is the same for the MR so you'll be competing with Whitney hikers/climbers.
I believe the limit is 10/day.
It is NOT a class 2. This is just my opinion, but it is a solid 3. Once you're on that ridge, there is tremendous exposure. If you've done the MR, it'll make it look like a cake walk.
The class 2 is the talus slope getting there. Most horrible hiking I have ever done. Just a long tedious, quad burning exercise.