I drove out to Cape Clear on 7-Aug-2012 to scout the cliff. From Fielding Road (step #2, below) the road is gravel but was passable in a passenger car.
Slightly better directions from the Cabot Trail in Margaree Forks: (1) Turn left on E Big Intervale Rd. (2) After 4km, turn right onto Fielding Rd. When I went there was no road sign heading northbound. If you reach a little convenient store on the right you've just passed it. (3) Bear left at the intersection with Highland Rd. (4) Pass three named roads -- the signs are obvious -- on your left. (5) At the fourth intersection on the left you will see a white sign indicating that you have arrived at the turn for Cape Clear. (6) Follow the white signs to the top of the cliff. The last few hundred meters of the roadbed are quite rocky.