Yoseman, I was once attracted to the idea of hiking up to Wallace and Wales Lakes, and then climbing over the saddle between Wales and Arctic Lakes. I'm glad I didn't try it -- I hiked up from the JMT near Guitar Lk, and had a look at the area, and it looked way too steep to try without some technical gear. On that trip, I continued over Whitney Russell pass, filled my water at Iceberg Lk, then climbed the MR to spend the night on the Whitney summit.
The only way I know of to Wallace and Wales is to hike up from the JMT on the abandoned trail in the Wallace Creek drainage. That one took me about 3/4 hours, and I lost it several times. Having a GPS along helped me figure out about where I was on the map, too. On that trip I camped at Wallace Lake, and then headed up to Tulainyo Lk, and crossed the Russell/Carillon pass, and descended to near upper Boy Scout Lk.