I think when you connect a coloured PF with displacement to the colour input of a surface shader that the displacement data will be ignored.
So in regard to that type of situations I think there's nothing to win and if it is I think it's likely not very significant.
1) The first thing which comes to my mind is to use the lowest amount of octaves in the noise you can get away with.
2) Also, the larger the patch size of your compute nodes the faster the calculation, likely.
3) Third, blend out clouds in the very far distance with a distance shader. (this does not work for blending out small(er) surface details in the distance, that actually works slower).
4) Keep cloud density and edge sharpness as low as possible. You can maintain a denser look by adjusting scatter colours and lighting settings properly.
5) Use an as small as possible lake radius for your water object. Or even better, use DandelO's water mask technique.
6) TG2 has a pretty good LOD algorithm for models I believe, but it's probably also worth trying to keep poly-count for imported models as low as possible.
These are the first things which come to my mind. Else, like you said, rendersettings are critical.
Cheers,
Martin