Make a tricky step down and around the corner to the right to reach the base of the Toe Crack. The tree can be easily backed up with gear in the horizontal crack. It's possible to either belay right at the tree or extend your anchor down and stand on another good ledge just below. Because of the traversing nature of this pitch beware of rope drag and watch that you don't set your partner up for a swing. You miss some of the best part of the crack but may have an easier time controlling rope drag and protecting your second.
Some people belay at the base of the crack.
If you do this, have a plan for getting your second down and around the corner to your stance safely. It's also possible to climb up from directly below to the base of Toe Crack. To do this you start just uphill from the Standard Route chimney at an easy dike. Climb the easy dike past a bolt and then move left up a thin crack. Move left again up a crack and flakes to the start of the crack.