First of all, if you are going up Whitney from Guitar Lake, which way are you departing?
It sounds like you might be intending to exit by the Mount Whitney Trail and you have the correct exit permit for that. If so, then you will be passing through the trail junction that is 1.9 miles from the summit. Sometimes a backpacker will drop a pack there and then reclaim it on the way out. Note that there are some pretty insatiable marmots that live in the talus rocks around there, and it takes them a matter of minutes to chew a marmot-sized hole in the side of a $300 backpack. So, as an absolute minimum, hang your pack up on some rocks so that the other packs will be easier for them to chew into. Depending on the weather and how you are doing, you probably don't want to have to carry anymore than necessary up to the summit.
The time required to hike up to the summit, take photos, and return, is highly variable. I've seen a few do that round trip in maybe 90 minutes. The others gasping for breath might take four hours. That means a quart of water and a couple of candy bars, warm clothing, your camera, headache pills, plus other stuff.
For a summit sack, you might just take the normal stuff sack that you use for your sleeping bag. Or, get something like the RikSack from Gossamer Gear. It is a dinky little thing. I made my own out of silnylon, and it has shoulder straps and no top flap. It is big enough for a whole bear canister, and it weighs 1.4 ounces.
Incidentally, while on the summit, I've noticed that about one third of the cell phones get just barely enough service to work. So, some people pass one around to others. That is, of course, with you standing in just the right place on the edge where you can see down to Lone Pine, Independence, and maybe even something close to Bishop.
The marmot that lives on the summit is even more insatiable. If you drop a piece of food on the summit rock, don't worry about the 15-second rule. The marmot will be all over it like a hobo on a muffin.
–B.G.–