The Clark Range/Red Peak Pass loop is a classic, and has several variations:
1) You could follow the Buena Vista Crest from Merced Pass to Ostrander Lake via Buena Vista and Hart Lakes. Generally easy cross-country (avoid the talus above Hoover Lakes), and good views all along the crest.
2) Instead of following the trail up Triple Peak Fork and traversing to Red Peak Pass, you could go up one of the other forks. Red Peak Fork is an easy cross-country route, and there's a nearby bridge across the Merced you'll need in early season. Stay on the south side of the creek to Red Devil Lake, then head up to the pass.
3) A fun side-trip would be to visit Obelisk Lake from Merced Lake--climb out of the canyon due south (there's a logjam above camp that can be used to cross the river), or "follow" the old calvary route up the west side of Grey Peak fork.
4) Instead of following the river from Merced Lake, you could take the "high trail" that stays above the canyon. Lyell Fork is beautiful, but could be a challenge to cross during heavy runoff.
If it's a heavy snow year, I'd do the loop counter-clockwise, so you're approaching Red Peak Pass from the south--it's a bit easier to identify the pass from this direction. At least, that was the case July 4th, 2005, with 100% snow coverage from Ottoway Lake to Red Devil Lake. You may need binoculars or a spotting scope to identify the switchbacks heading up to the pass, so you approach the correct notch.