Dan: The rappel is simple to setup, but I would advise an autoblock for the first person to descend, and a fireman's belay for everybody else. The waterfall is quite slippery. I enjoyed the luxury of my 6mm wetsuit while I hung out in the water and gave everybody a fireman's.
The jump option looks intimidating from the rappel, but I watched several people do it – you can climb down until you are only about 20 feet above the water before you jump, and it was quite deep when I was there. The climb down is out of sight, which is what makes it look intimidating from the rap.
If I did it again I would probably jump.