I didn’t study the fine print when I got a day permit for Russell last week. It didn’t matter, since I got a good night’s sleep and started up at 6:15 AM.
I seriously doubt that a ranger could write you a ticket (and defend it in court) because you started up at 10:00 PM and then entered the Whitney Zone after midnight. Even if I’m wrong, I think that the chance that a ranger would actually write that ticket is just about zero.
On the other hand, I have to ask why you would want to start at 10:00 PM (or midnight, or 2:00 AM for that matter). If it’s going to take you more than 16 hours to walk up the trail and back down it, you probably aren’t fit enough to dayhike Whitney safely. Sleep deprivation and total exhaustion make your mind and body function poorly, to put it mildly. You’re much more susceptible to AMS, falls, getting lost, and just plain stupid decisions. There would be far fewer rescues on Whitney if people would hike more summits before attempting Whitney, and then get some sleep before starting up.