We took our three kids up there, a 5yr old 3yr old, and carried the 1yr old in my backpack, the kids liked stopping in the creek to play in the water.
I'd put the hike at a tad bit over a mile. You could totally do it with a toddler in a pack but you do need to cross the creek. At worst its over your knees depending where you cross.
Definitely easy enough to carry a toddler although in some spots you are crossing a creek so you'll want to be careful there. Its about a 20-30min hike to the waterfall depending on your pace
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