Steve,
I first heard about the shortcut in this video:
http://www.youtube.com/watch?v=NnxLVshayAE . They get to the short cut about the 4:00 mark.
I have never done the mountaineer's route before so I don't exactly know the way. Based off the other videos I watched I can kind of see where they are at in relation to the creek and the e-ledges.
Given that the creek is sure to be full, I wouldn't mind giving this route a shot but I don't want to pop out in the wrong place and find myself in a sticky situation.