The shoulder east of Fallon varies in width. In some places you have a good shoulder but it other places not so much. Nevada DOT has put rumble strips on the shoulder is some areas that make riding on the shoulder impossible. However there isn't a great deal of traffic east of Fallon. The traffic is sparse enough and the road visibility good enough that nearly everyone will give you plenty of space. I've found the truckers to be very considerate about passing in the opposite lane. I don't use a mirror. You'll see a few RV's but not too many.
I just drove this route on 28 Dec 2011 on our way out to Colorado and my spousal unit and I were specifically checking the road for riding conditions for a future trip. Nevada DOT has pretty much ruined the entire shoulder with rumble strips from Fallon to near Eureka. There just isn't enough shoulder to be able to ride it unless you can ride really straight in a 12 inch wide path. Traffic seems heavier east of Fallon to about Middlegate. Riding on the road is going to be your choice and just have to keep an eye out for the large vehicles coming up from behind. Of course there are stretches where there just is no shoulder. I don't understand why NDOT thinks a rumble strip needs to be 12 inches wide. 3-4 inches ought to be plenty and that would almost leave a manageable shoulder.
Craig