no problem, should be a nice dry trail. I've only done this once, but i grew up a few hours from Guadalupe. the chances of a snowstorm are pretty low. The one time I did it was the day after a snowstorm and I had no problems. the deepest i found was about knee deep, but the trail was always easy to follow.
Definitely go for it! the view of the back of capitan is great and you can get to the top of capitan with a little bushwacking for tremendous views.
you can see a trip report written by my brother-in-law herehttp://www.backpackinglight.com/cgi-bin ... d_id=29573
"Yeah, I just stare at my desk; but it looks like I'm working. I do that for probably another hour after lunch, too. I'd say in a given week I probably only do about fifteen minutes of real, actual, work" - Peter Gibbons