Nit: It's Snow Creek, not Snowy Creek.
Yes, there's water. Snow Creek has water. Indian Creek has water, as does Lehemite Creek. The later 2 are closer to (east of) Yosemite Point. It's kind of dry around North Dome.
If you go to North Dome, don't miss Natural Arch. It's on the 7.5' topo. Just follow the ridge (and trail) that heads north from North Dome along the top of the ridge. You can't miss it. It's a mile or so (more or less) north of North Dome.
Here's a map that shows most of the route, and much of the mileage:
http://www.yosemite.ca.us/maps/yosemite ... p_2006.pdf
I've never done the whole thing in one day (I've done all of it in separate trips). Friends of mine did it in one day in winter. They started at sunrise and got back at sunset. Hard trudging through snow. Not a problem in Summer, but it's still a LONG day.