I've heard the same thing. When I was last there (decades ago after the Powell N. Buttress route) we descended the Gunsight. When I last did Overhang Bypass (in this century, but barely) we also went the Gunsight route. I would have welcomed a rap route.
This has come up a few times, but I haven't followed the dialogue about it.
I've done the route twice, and both times descended as Warbler describes.
Except that the second time, for reasons I'm not recollecting very well, something to do with the position of the tree for the rappel maybe not being so great?
But I went up there with the express purpose of putting in a two bolt rappel anchor. And I did just that circa 1988.
I don't think I came up with this plan purely on my own accord. Maybe talked to Don Reid about it and formulated the plan, or someone else; I don't think it was Kevin.
Three rules to live by:
Think for yourself.
Don't be anyone's punk.
Never follow me on approaches or descents.
I did the East Butt long ago and down the Gunsights, easy. But I don't think Beggars goes to the summit, at least we didn't. There was a big ledge a few hundred feet lower. Rachel said west, so we did. Soon I was in tears....
Your 2-bolt rap anchor was still in place in 2002, and another about 30m below it.
Here's my descent description from my 2002 trip report:
We walked down a loose corner with cairns to a chain anchor with
a short fixed line. Then we rappelled 160' with our 2 ropes.
It turns out there was a second chain anchor on the way down,
so I think we could have made it with a single 200' rope.
There was an old route with a few fixed pins left of the rappel line;
perhaps it is the "Overhang Route". This rappel line is left of
the Overhang Bypass route. We did a second rappel from a sling on
a small pine tree, and then some 3rd/4th class downclimbing.
One more rappel from a big pine tree; at this point there are
cairns from the Overhang Bypass approach. We headed down the
3rd class rib and corners, then down talus to the car. https://web.stanford.edu/%7Eclint/rep/025ymem.txt