It's absolutely doable. I visited Hoof Mountain (7800+ feet) just east of the lake last summer. A few weeks earlier my friend Eric camped on a high shoulder of Hoof above the lake (after doing Hoof). Here's his report: http://www.nwhikers.net/forums/viewtopic.php?p=1218703
He and I both took the low route around Napeequa Peak (Pk 8073) to get there. While Eric went over Pt. 7775, I traversed its south side at about 6900 feet. On the return I went up and over Pt. 7775 on my way to Napeequa. From the Pt. 7775 side there is an obvious Class 3 gully (mostly chossy dirt and such) that goes up to the south shoulder of Napeequa, reaching it at 7660 feet. If you were wanting to do a high traverse from High Pass, the key would be to find this gully coming from the east. Study your satellite imagery. It's pretty obvious.
Now Napeequa is climbed high on its east face from a start sort of NE of the top. I suppose it would be possible to climb up or descend directly off Napeequa's south face but it looked unpleasant and dangerous.