|There is a way to walk-in from the top, however its fairly hard to describle and you have to scramble along the shale band. When I first walked in from the top it was easy - everything was burned out, I think it would be fairly overgrown by now.
The best way is to drive down to the Coachwood Glen, then walk up. There used to be a bit of a track with cairns - but who knows how overgrown it is now. Walk around the tourist path, across the creek and just above the stairs there are a couple of boulders. Head up through there, trending to your right (facing up). This leads up into a rocky gulley (below a waterfall). Once you get to the cliffline its not far along.
I think it would be great if people get out and do the phoenix, its got some great climbing (not that I'm biased). I took me a couple of days with a variety of tools to clean it out intitially.
There are plenty of other things to do down there - old and new. There is a good short 15 (slabby crack finishing at a chain) just after you reach the cliffline, and the 19 is good too.
As for gear a set of wires, doubles of cams, a number #4 camalot would help and save a couple of little bits for at the top ( maybe a blue camalot or simular), and two ropes (its 48m abseil) back down.