Lookout Peak is found in the Little Lakes Valley, Secor says the peak has also been called "Tempest Peak" and "Ruby Peak". One can climb this peak in a short period of time from Mosquito Flats Trailhead. In fact its probably the quickest summit to attain in the area, with mostly class 2 and some optional, fun , easy class 3 from all sides.
In the winter shot shown above, Ruby Lake is frozen and lookout peak is the one on the left of the photo. I have seen many a cross country skier cross the frozen lake and gain access to Mono Pass from there.(see photo below)
From Highway 395 exit at Toms place, cross the frontage road and head Southwest on Rock Creek Road,(the only rd heading this direction) drive about 10 miles to Mosquito Flat trail head at the end of Rock Creek Road, 10200'+, toilets and bear boxes here. Find the trailhead at the South end of the Parking lot. The trail quickly divides, head toward Mono Pass(signed)and just prior to the switchbacks up to the pass you will see the fork to Ruby Lake(signed). From Ruby Lake you can take the North ridge to the summit or stay on the east side of Ruby and come around to the South east ridge to the summit, all class 2 and a bit of easy class 3 depending on your travel.
No red tape for a day hike, you will need a permit for an overnight trip, the permit also allows you to camp at Mosquito Flats. The parking lot is packed on weekends, but there always seems to be a spot.
For permit quotas check this website for Little Lakes Valley
Get a wilderness permit to camp anywhere past Mosquito Flat trailhead, for those looking to camp prior to heading out into the backcountry check this link for local sites along Rock Creek between Toms Place and Mosquito Flat.
For Avalanche and backcountry discussions go to this link and look under Rock Creek. http://www.esavalanche.org/Forum/index.php?sid=263b454bf8bd270a8dbc431bf8736b83