You could do the entire circuit in a day if conditions are good. It's better to take a couple of days and take side trips to Blue Lake (in a good season you can even do a little ice-climbing there) and to the summit of Mt Townsend, Watsons Crags etc. Ski-ing the road back to Charlottes pass is great when yer tired. A long, gentle downhill run. There used to be a great hut at Lake Albina years ago but NPWS demolished it. Pity. I think Seamans hut is still intact at Rawsons pass though. I'll probably head down there this January.
This is a view of the main range from the west. It's a more unusual view that tourists don't often see because they approach from the eastern side. The lakes walk route would involve ski-ing from left to right along much of the skyline in this photo.