I did the traverse from Lake Fork to Wheeler a few years back. Its pretty straight forward. We started at the Taos Ski Valley and just went along the lifts and then followed the ridge up and over Kachina Peak. From Kachina Peak, you need to head more towards the west face of Lake Fork (its loose talus). From the top of Lake Fork, you have two un-named peaks until you reach Simpson Peak (not really a peak, but its right next to Wheeler). There is a faint trail here and there a few random cairns, but really nothing to right home about as far as I remember. There is a little bit of third class on the finally ridge up Simpson. A few other places might have third class climbing depending upon your route finding abilities. Its a gorgeous traverse with excellent views. Let me know if you have anymore questions
We were staying in Espanola so even with a 5:30 wake up we didn't get to the TH till almost 8:30. And, with me forgetting the fricken map at the hotel we decided to stick with the Bull of the Woods. Storms had been building around 3 P.M. the few days prior and our day was no different but we were off the summit by 1, a little later than planned. Great day.