To reach the start of the Lost Arrow Tip, either hike up the Yosemite Falls trail or down the Hetch Hetchy trail from the Yosemite Creek campground on the Tioga Pass road. Once at the falls, follow the trail to Yosemite Point. From trees about 300 feet west of the railing, rappel about 250' into the notch.
Tie two 150' ropes together and anchor them to a pine tree at the rim. Rappel to the notch ( ascenders handy for passing the knot ). Either anchor the rappel ropes in the notch so they don't blow out of reach or ( better ) trail them with you for the exciting must do tyrolean traverse. Walk out a narrow ledge onto the east face. A 5.10d or 5.9 C2 pitch leads up cracks and an offwidth to Salathe Ledge. Traverse left to a crack ( 5.10d or C2 ), then climb past bolts ( 5.8 C1 or 5.12b ) to the top. The climb can also be done in original style using only nuts for aid at 5.5 C2-. From the top, either rappel back to the notch or pull the ropes tight from the rim and return via the tyrolean traverse - a must do experience!
See Yosemite Climbs - Big Walls, by Don Reid for more information.
Nuts including cams ( several 2 1/2" - 3 1/2" ), a few tie off loops and rivet hangers, lots of carabiners. A cheater stick may come in handy if any fixed gear is missing. Ascenders ( Jumars ) for the tyrolean traverse are ( of course ) a must.
This has to be the most spectacular and exposed 2 pitch climb in the world! It isn't really a hard climb, just good scary fun!