Charlie,
I haven't personally done Gray yet, as we were too tired after summitting Marcy last time we were in that area. However, as I've been planning another trip actually kinda similar to yours, I found an older thread with good info and will credit Pete Hogan with the info he originally provided to someone else. I've copied and pasted his response on the earlier thread below.
PETE HOGAN wrote:
There is another option that has yet to be discussed. That is bushwhacking directly from Mount Marcy to Gray Peak. It may seem like a difficult challenge, but it is far from difficult and will save you time, distance, elevation, and backtracking ascent routes.
Because Marcy is first in the day, get a very early start. The 7.5 miles to Marcy is not difficult, just time consuming. The bushwhack to Gray is less daunting if you are patient enough to locate the herd path. A compass bearing from the final rock slabs of Marcy (just before the herd path) to the unmistakable rock headwall of Gray is advisable. You may want to write it down also in case your compass accidentally shifts.
Finding the herd path is key and it can be located by paying close attention to the small but discernable cairns on the southern face of Marcy as you descend from that summit and angle toward Gray. Here is an excerpt from a trip log (8/2000) regarding the Gray bushwhack on a circuit from Panther Gorge in which we climbed Haystack, Marcy, Gray and Skylight in the same day. According to my detailed logs, it took 1:20 from Marcy to Gray.
Quote:
Rather than descend to Four Corners and then ascend Gray via the Lake Tear outlet herd path, we opted to bushwhack across the ridge from Marcy to Gray. As we descended towards Gray, we began to discover small cairns headed in the same general direction. When we arrived at the edge of timberline, a cairn and an "arrow" constructed of hand-placed stones was placed on a flat section of rock. It pointed to the start of the herd path. A compass bearing towards a prominent rock wall on Gray was taken in case the herd path or our route "reading" skills faltered. Although there were several moments of uncertainty, we kept making progress toward Gray. At one point, as we were fighting through a very thick stand of balsam, we glanced up to discover two bushwhackers coming towards us headed for Marcy! It was so surprising (and reassuring) to see someone else in this mess headed on the same path. We exchanged hellos and encouraging messages that we had chosen the correct path. As quickly as we appeared to each other, we vanished from sight, engulfed by the dense, spruce sea. The trees seemed almost united as they prodded, poked and hindered forward progress.
We then descended the usual ascent route to the Lake Tear outlet where water can be replenished and proceeded to climb Skylight from Four Corners. From the time we left Gray to the summit of Skylight was 1:30 with a water pump at the outlet.
I would then suggest returning via the Feldspar Trail (#121)/Lake Arnold Trail (#73)/VanHoevenburg Trail (#61) to the HPIC. The return is very long, but it will be on familiar turf in case you run out of daylight (which you probably will).
END OF PETE HOGAN'S RESPONSE
Well, maybe more info than you needed, but I hope it helps. Have a great time!
Rob