The book "mountain biking in the lake district", shows to go one way round, and a waterproof paper version of the same route shows to go round the opposite way.

Any opinions on the best way to do this ride?

Heading up there today?

I've only done it clockwise but I've often thought the last climb (Iron Keld?) would make a lovely little descent.

Iron Keld is best done as a descent but I've done it both ways and it's nice either way. Hodge Close you want to do from Oxen Fell (up the road climb then down into the quarry then down to the river).
Loughrigg Terrace is definitely a descent! (High Close -> Ambleside)
Loughrigg Fell I'd do from Ambleside, up the steep road climb and onto the tops then down to Skelwith Bridge.

A little bit of doubling back and figure-of-eight routing is sometimes called for on that one to get the best loop.

CW i reckon loughrigg fell is good either direction, loughrigg terrace would be pants heading towards elterwater, iron keld is a great techy climb, some love it downhill, its ok but for some reason doesn't really do it for me. theres a big 30 miler including these bits and grizedale too on the mag links section somewhere (i think its still there) have a look at that. some of those are def better ACW (colthouse, titties track) but I wouldn't fancy doing the whole ride that way.

Anti best imo you can put in the cheeky bield crag that way which is well worth the climb up through bank quarry.

bield crag loop is good and you can still fit it in going CW 🙂

bit of a beggar to find tho

Either ways good deffo, suppose we tend to go anti as we'd usually carry on to grizedale and claife and that's definitely better anti. Loughriggs always busy during the day so prefer to go up it, good at night though 😉

did it clockwise, but some of the climbs would have been mighty fine as descents 😀