It's been a few years but, when we passed through, there were 2 moderate portages between Lunetta and Schlam that were decently worn . Just remember to stay close to the shallow creeks when portaging; as there is an old logging trail that hunters must still use that veers off into the woods and will not get you where you need to go.
Perhaps things have changed since then but, I don't recall water levels being an issue or, looking like it would be.