Yes, that is a fairly easy hike, with many switchbacks down to Mirror Lake. Once down in the Valley, it passes through an old Indian camp site that is regarded as sacred by local Indians. Before the arrival of the white man, part of the trail was used by Yosemite Indians to travel to the annual Summer encampment at Tuolumne Meadows.
Just below Olmstead, the trail passes through an area the park rangers call "Bear Valley", because it seems to be used a lot by bears roaming back and forth from the high country to the Valley. There are many, many bear scratched trees visible from the trail.
Several years ago I did a trans-Sierra hike with a group of American Indians (a migration re-enactment by tribes from the East and West sides of the range), one section of which went through that area. Before entering "Bear Valley" the spiritual leader of the trip warned us to remain silent so as not to awaken the bear spirit that dwells there. He smudged us completely all over and prayed, and then we hiked on through safely with no bear encounters. Non-Indians might think spiritual rituals like that are cute, but Indians take it very seriously. There's a kid's song that starts, "If you go down to the woods today, you're in for a big surprise..."
