Okay here is my complete guide to Grayson. Basically the best scenery is on the Pine Mtn. Trail/AT loop and the AT between Elk Gardens Trailhead and Rhodedendron Gap(not part of the loop). If you opt to skip the AT from Elk Garden then its just a question of where you'd rather access the loop. Massie Gap TH in the state park is the quickest route to the high country.
I'll give you the highlights starting from Elk Garden
1. Elk Garden TH to Deep Gap

The route begins in a meadow with nice views of Whitetop Mtn. After the meadow the trail is mostly in the forest to Deep Gap. Not real exciting. If you want you can take the Horse Trail which parallels the AT. The Horse Trail is a bit more direct and easier. If its been raining this trail could be pretty nasty.
2. Deep Gap to Thomas Knob Shelter

After Deep Gap the AT climbs up around Mt. Rogers. As you pass Cabin Ridge there will be a side trail leading off to the left to a meadow with nice views. This is the first place you can expect to encounter wild ponies.

About this time you start to entire the evergreen forests which are cool because they are different from normal VA forests.

The trail goes out into the open just before Thomas Knob Shelter. There are several nice spots to camp near the shelter (see picture above). Other sites are farther back in the trees.
Thomas Knob Shelter to Rhododendron Gap

After Thomas Knob the trail goes along a ridge with through mostly open meadows with great views off to hte right (east).

This is one of my favorite areas here. There are numerous campsites and several rock outcrops you can climb around on. You'll probably see ponies in the area too. There is water at the springs below the Crest Trail. You can find it pretty easy by cutting through a meadow to the Crest Trail and looking for the sign. There are firepits but not a lot of firewood. This area sees more people so it won't be as quiet but we've always found a place to camp. You are trading solitude for scenery. Don't leave anything out the ponies might eat! They love this area.

Rhododendron Gap to Massie Gap

This is the beginning of the loop. There is a cool rock outcropping above the gap which is fun to climb on. I believe I saw a campsite off to the right on the Crest Trail in a meadow.

After this the trail goes over and around several knobs. Its in the open about 70% of the time. I would not camp here personally due to the area's popularity and it its openness. You'd have little privacy.

Massie Gap to Wilson Creek/Wise Shelter

Massie Gap is another access point if you start from the state park. There are a few campsites but there will be other people around.
After Massie Gap the trail follows the ridge down with good views until it descends towards Quebec Branch. There is water at Quebec Branch and later at Wilson Creek after Wise Shelter. If I recall camping is not allowed right around the shelter. I remember at least one campsite near Wilson Creek. The creek is big enough the kids might like to play in it but it's fast moving so keep an eye on them.
Wilson Creek to Scales (via AT)
After Wilson Creek the AT crosses several other trails and stays in the forest for a while. Sometime after you pass the boundary of the Wilson Creek Wilderness you climb out onto Stone Mtn.


Stone Mountain isn't as dramatic as Wilburn Ridge but its a nice place and there are far fewer people here. Its not a bad place for a dry camp (a good spot is beside that tree in the picture above). Be aware there was a hive of wasps or bees in or under that tree.. We heard them buzzing and stayed away. This would be the perfect campsite if it had a rock pile too climb on.
From Stone Mtn. the trail goes down to Scales. Here you leave the AT and begin the Crest Trail. There are outhouses at Scales. I would not drive up to Scales because its a very long, narrow and rough dirt road.
Scales to Rhododendron Gap
The trail climbs back up onto Pine Mtn after Scales.

Its a pretty easy trail at first. Scenery is nice.

There is camping near the springs marked on the map (the one Brad discussed). The campsite by the fenced in spring is used a lot but in general this area gets less use. I'd camp farther back in the forest.

After the springs/campsite area there are a few rocks to climb on but here you have to push through some brush to get to them.
The last mile or so back to Rhododendron Gap the trail is quit rough and there isn't much scenery. Once you're back at the gap you've completed the loop.
Hope this helps.