I would definetly bring 'pons, just for the fact that it gets steeper later in the year and generally the snow gets harder (if there's any left). For that matter, you'll want an ice ax too if you're not comfortable on 35-40 degree snow.
Most people start at 2 or 3 am, although in August I'd say the earlier the better depending on how fast your party is.
The crowds on Hood are always thick on weekends on the South Side in the summer.