How has the snow been this year compared to previous years?

I have a May 1st permit, but I'm scared of the trail crest.

The snowfall was way below normal this year. However, on May 1, there will be several feet at Trail Crest and below. In fact, much of the trail will still be buried,and you would just be walking over snow.

Unless you are ready to climb with crampons and ice axe, May 1 is not a good time to go. If you are coming from IL, unless you have some winter snow climbing experience, you should probably skip coming all the way out here.

Sorry to bear the bad news.

I've got winter climbing gear, having done Whitney (in June) and Rainier (also in May). What I'm concerned with is the shady areas of the trail crest covered in snow in May, where there isthat 1-2 ft of separation from the vertical drop.

Is that area accident prone? And any safety precautions I can take?

If you have experience with your winter climbing gear, have done Rainier in May, and have been on the Whitney trail in June, I'd think you won't encounter anything that you can't handle. The accidents mostly occur on "the chute" (actually the snow slope west of the 99 switchbacks below Trail Crest. That's where people with less than optimum gear and experience (ice axe and crampons) may lose their footing and slide and get hurt.

I've not heard of any snow accidents between Trail Crest and the summit. What you're thinking are shady areas (that I can think of) are the west-facing slopes. They melt out before the chute, and shouldn't give you any trouble if you are using the proper gear.