Is the clockwork armour set any good?

[acronian]

Or should I try to find / craft a new set

[Haldurson]

I assume you are talking about some kind of melee or warrior build -- in that case, yes, it's good. But that doesn't mean that every piece is equally good or better than everything else. You should decide based on what you find, and what you actually have a recipe and mats for. I personally try not to decide ahead of time what gear I want, and just play it by ear because the rng is not always on your side. See what you need based on what you already have. Krong can also be your worst enemy (or your best friend). And you can also have good or bad luck with encrusting (depending on whether you are one for risks).

This will help a lot: http://j-factor.com/dredmorpedia/