Hey Joshua
We did the Bell Traverse last year during Easter, fantastic route and we had no problem with water at all. I've been keeping my eye on the Cathedral Peak webcam and I believe water will be abundant now as well - loads and loads of rain.
It was our first try at the route and route finding was no problem, except for two spots: Soon after crossing the Mlambonja river, the trail meets the Sherman Cave trail and turns sharply to the left, something which isn't very obvious. But if you plan to overnight there obviously this is no problem. Basically, if you start contouring before crossing Orange Peel Gap, you're off-route.
The second spot is after passing Cathedral Peak and the Bell, and the trail veers to the south side of the Cathedral range. There was a split and we took a right turn. Soon after the trail petered out. However after some quick recon and a scary moment or two we were back on the trail - just keep as high as possible, the trail contours at the base of the final, sheer rock bands on the south faces of the Horns.
We started from the hotel at 12h30, and reached Orange Peel Gap at 17h30. There are loads of camping spots in that area, PM me if you want a pic to clarify. This is better IMO as it kills the strenuous climb from Sherman's Cave to the Gap. If you can reach the base of Cathedral Peak, even better.
Oh, and be SURE to climb Cathedral Peak. It may look intimidating but it's nothing more than a hike with some really pleasant scrambling. And the views, well...!