I hiked this yesterday. I avoided the crossing of Parapet Brook by taking the AT (Old Jackson Rd, Madison Gulf) from PNVC. However I met someone who had crossed it and said it was fine. In anticipation of some high water I brought along my sandals and a hiking pole, but only used the pole and kept my feet out of the water. The trail itself was wet and care had to be taken on slippery rocks and roots. Up the headwall you are basically climbing up a waterfall to for the first half, then a rockslide.
So my advice is bring a hiking pole (or two), allow extra time for slippery trail conditions, and take care with your footsteps.