I think it sounds great. That lake is a great area with plenty of places to hang. You could even easily portage in a kayak, canoe or ice chest from the shorter trail. Plenty of firewood around there too. I think that lake is probably too easily overlooked for some of the other great trails in the area. On a Sunday I only saw one family camping there and a few hikers. The longer hike from Frasiers Turnaround is not for the weak of knee or lung. I would also not suggest taking that path if you are coming with younger kids. It is however very beautiful up that area too and not to be missed.
If at all possible I will be there.