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cthenn
I did not at all enjoy the last stretch down the JMT due to the incredible number of people. I would not recommend going down the mist trail (wet 2-foot granite steps going down is not so fun!). I thought starting at the 4MT was the perfect place to begin. It'll take you at least a few hours to get up to GP, where you can enjoy your lunch, before heading back along the Pan trail. (Or, keep going and have lunch at Illouette Creek, awesome spot).
While it's a pretty long hike, I'd prefer ending it with the Mist trail. The steps are long ones, but the cool mist could feel pretty good on a warm afternoon. My choice would be to take the JMT from Nevada Fall, then the short connecting trail from Clark Point to Vernal and down the Mist trail. Reasoning is that I don't really care for the part of the mist trail below Nevada Fall (in late summer/autumn, it's hard to even stay on the trail because of the tracks going every which way). And, I care a lot less for the "John Manure Trail" from Clark to the Mist intersection. This way misses both, and is scenic the whole way.
(The "John Manure Trail" becomes the JMT again in winter and spring, until they start up the stables; while the switchbacks are a little tedious, it's not a bad walk and does save your knees)
A bit less intense way is to take the bus to Glacier from the Lodge, which gets you there about 10, and you arrive refreshed and ready to enjoy the Panorama trail down, instead of semi-beat from the 4.6 mile upward climb. Combined, I'd want to start very early, and take a break at Glacier for a snack and the view.
Gary
Yosemite Photo Galleries: http://www.pbase.com/roberthouse/yo