I drove in from Jacob Lake, not Fredonia. Here's the route I took: [ Route Editor ]
If I recall, the drive was about an hour long.
Most of those forest roads are very nicely maintained. Large stretches can be easily done at 45-55mph. There are some slower stretches and the last couple of miles are a bit rougher, but nothing that even remotely approaches the Hanging Gardens road!
I didn't cache water because it's only 7 miles from water to the car when going counterclockwise. From Deer Creek, it's about 9 miles, which I still don't think requires a cache -- unless you're camping in Surprise Valley or up on the Esplanade. If you prefer to cache though, I'd probably pick a spot in the 5000-5200 foot range. Just make sure to mark your GPS so you can find it again!