The summit is a quarter mile from the nearest point in the TYT (with a final 350ft of elevation gain)
If you are heading up the TYT from Velma Lakes, you will be able to see the summit and make a judgement call as to when to head up. It is not necessary to go all the way to Phipps Pass.
The cross-country leg is easy class 2 (mostly a mixture of broken slabs and talus) The summit block itself is a 15ft class 2 (or very easy class 3) talus/rock scramble.
The cross country route from Eagle Lake, by definition, is class 2 rather than class 1.