My son lives on this hill, and we have undertaken many walks up the hill and back. I have thought many times, in passing this spot, that it deserved a geocache. The view is great, I think you will agree.
The cache should be easy to locate, so I expect you can park and grab quickly, and still take time to enjoy the view. Watch for cars, of course. There aren't many, but you will want to share the road should one come by. And, of course, wave to them. Who knows, they might be geocachers, too.
I could recommend that, for the full affect, you park at the bottom of the hill, say at the United Market store lot, then walk to the cache. I can only guarantee that the trip back to your car will be easier. Give it a try! :-)