It's too early to know what the August conditions will be as there are later snows still to come (or not). I did the Bailey Range traverse in late August and early September of 2010 and we had a lot of snow, due to late snows, not due to above average snows that year. It was a great trip, with some real adrenaline-boosting moments. Do not miss the Cat Walk. Close encounters with mountain goats were also very cool.
I had Microspikes with me and was very glad I did, as I was hiking in trail runners that had a fairly soft edge (not great at kicking in steps on slopes, etc, compared to boots with hard sole edges). Some in the group had crampons and some got by with just their boots. The rangers will be able to tell you what kind of conditions you might expect a week or two before your trip; that should give you enough time to get what you might need together.