Yes and no. There were lovely lakes in the Owens Valley. It wouldn’t grow what they grow in the central valley, because the Owens Valley is higher in elevation, therefore cooler at night and has a real winter, unlike the central valley.
But it was a thriving ag area before Mulholland stole the water by buying up ranches through cut-out buyers and diverting the water. They could grow tree fruit, plenty of hay and pasture, but not things like cotton and rice there.
Sounds like you could grow apples, maybe pears, potatoes. Since I’m no farmer I can only guess. It’s pretty crappy that Mulholland’s son or grandson is still influential in Dem politics.