OP I hiked Old Rag with friends last fall. I am not a hiker at ALL but I'm a regular exerciser and don't have any fear of heights. It was totally fine and I was not at all overwhelmed as a non-hiker.
A couple of my friends wore gloves - they looked like weight lifting gloves, maybe? I'm not up on the hiking gear lingo
They thought they came in handy for the rock scrambling, but I was totally fine without them. One thing I was glad I had was hiking shoes! I bought them just for Old Rag and I'm really glad I wasn't wearing my regular running shoes.