I think it really depends on what time you arrive and what your priorities are.
We have always gotten there at opening, grabbed a fast pass for Space Mountain, and headed right to fantasyland for Dumbo, Peter Pan, Pooh and then Goofy's Barnstormer. (The line builds quickly for Dumbo and there is no FP available, no FP for Branstormer, either). Then we go back to tommorrowland, then to frontier and adventurelands, then back to fantasyland for Small World and Philarmagic that don't get lines until later in the day.
My kids are getting older now, so I am wondering if we can pass on Dumbo on this next trip. If so, I am trying to figure out a new strategy.
You may want to get the UNofficial Guide (My Favorite) or another guidebook or sign up for Tour Guide Mike.
I think (and I may be wrong) there isn't really a consensus on clockwise or counter clockwise.
For us, arriving early and using fastpasses has always worked great.
We've always gone at non-busy times, but our plan...adapted from the Unofficial guide...has always helped us to avoid most lines altogether. Seriously, with the exception of an ill-planned first trip 13 years ago, we have never waited more than 20 minutes for a ride