I had a 3 p.m. Nasrid entry time on May 19, which I think was a fine time to visit.
I got there early with the intention of going first to Charles V palace (which has no entry time restriction). If you want to do this make sure you know how to get to Charles V through the back way. You won't be able to get there through the main gate if it's more than 30 or 40 minutes until your Nasrid entry time.
Have someone at the TI draw you a map to Charles V or buy "The Alhambra and Generalife In Focus" guidebook in town before you go. It's designed like the Eyewitness guidebooks and has a very good foldout map of the Alhambra grounds.
(Don't get "The Alhambra and the Generalife" book if you want a guidebook; it's more of a souvenir picture book. "Rick Steves Spain 2010" seems to have the descriptions of the two books reversed.)
I relied on the guards at the main gate and the RS map for directions and got slightly lost, ending up in the Albayzin. I got directions from a very nice older man and a young woman who put me on the right path.
Still, it's a good thing I started my journey with plenty of time to spare or I might have missed Nasrid. Allow time for getting lost, etc. If everything goes smoothly, you can always entertain yourself in the shops or eating ice cream from the bar/kiosk near the fort until it's time for Nasrid.
However, having said all this, I think that even if I had entered the grounds at my appointed time, seen Nasrid first and then the other stuff, I would have had plenty of time.
Other thoughts on Granada:
I stayed at Hotel Anacapri, which was nice enough and very pleasant staff. There's a good Indian restaurant directly across from the hotel.
I also ate at the Moroccan restaurant Arrayanes described in RS. I loved the couscous chicken. It was my best meal in Granada.
The Casa Torcuato, also described in RS, was a disappointment.