Two schools of thought on direction. I've always done it clockwise and thought that was easiest until this years challenge when we did it anti-clockwise and I knocked an hour off my time.
7 hours is considered good and I wouldn't call that a sedate pace. I did it in 6hrs 55mins and that was semi-supported and no stopping. It's a big loop (47 miles) and a lot of climbing 6700ft. It'll be wet in places too although most of it is reasonably well drained. I wouldn't say it's a great time of to do it for the first time. I live just off the loop on one of the hills and we had serious fog until lunch time.
If you do tackle it leave early and carry lights.
That all siad it is a really good all day on the moors type challenge and well worth doing.