If you favor a longer drive and a shorter hike, then exit US 93 only a little south of Ely to the right (west) on fine-quality dirt roads that are signed "Ward Charcoal Ovens." Keep going south on the main road through Steptoe Valley and about two miles before Bullwhack Summit, go left (east) on another fine BLM road that eventually connects to 93. But long before that, take the signed south branch to Robber's Roost Basin. This road eventually branches right and up to the Schell Creek Range summit ridge. You can park just north of Mt. Grafton--this is a spectacular car camping site--and hike the crest to the summit. I did it and made my 4 o'clock appointment with an Ely realtor the same day. But you are right to say that this peak requires care. Because there are so many trees, rare for Nevada peaks, it is actually possible to get off-route on the descent. Stay on the ridge crest and all will be well. Anyway, the photo I'm posting shows a hazy Mt. Grafton looking south from somewhere in Robber's Roost Basin and the excellent dirt road to just below the peak. The best map is BLM Garrison Utah-Nevada.
Any idea on how far (mileage) from the end of the road and can you drive a 2WD vehicle up that far or is it a high clearance 4WD situation? How long did it take to hike it?
This road is too rough for a passenger car, but you don't need 4WD. A standard sized pickup truck with stock suspension and clearance (NOT a lowrider) should get you to the end of the road with ease.
I had a leisurely lunch at the summit, and the hike took 5 hours roundtrip from the end of the road.