Clear Lake is very do-able with a wet suit, and I have dived it many times in both wet and dry suits. You have heard horror stories about wet suits (see Sharky's post above), but it need not be that way. There are several keys to using a wet suit in cold water:
--Fit is extremely important. If the wet suit allows water to circulate inside, it's like not having a wet suit. The water pumps inside and then out, and takes away body heat. Sharky's experience is probably due to this, and his lack of subcutanious fat (from his discription of height/weight).
--Many people do not realize that today's wet suits are in fact usually wetter than those of yesteryear (if you remember The Lone Ranger, and were diving at that time, you know the difference). Today's wet suits many times leak quite badly through the seams, as they are sewn on both sides of the seams, and the stitching actually puts holes completely through the suit material. Yesteryear's suits were not that way. We used suits that were glued together, and therefore did not have sown seams (before nylon coating was applied to suits). This had a disadvantage if someone ripped the suit. In fact, I dived a Clear Lake dive in the 1960s with a pretty significant rip in my suit's back, which was locally cold, but did not terminate the dive (I was young at that time too). The way to get this today is to get a "skin-in" suit, and they are still being made (neoprene skin on the inside, nylon or other coating material on the outside--get into the suit with powder/corn starch). Henderson has a new skin-in suit, in the thick material (I think in terms of 1/4 inch, but I believe it's now a 7 mm thickness).
--The suit design is important. The warmest is a suit with a pull-over jacket, upside-down zipper entry and an attached hood, and Farmer John pants. I have also used a similarly-designed suit with a high neck, and a dry suit hood. Both work well.
--The suit should have no zippers in the arms or legs. This is another way for water to get in, and pump heat out.
--Pay particular attention to the fit of the hood around the face. It should fit snug, but not tight. Water should not pump into and out of the hood on movement.
--Gloves are very important, and need to be tightly sealed. I like three-finger mitts, and in the old days simply made them myself by taking an outline of my hand, leaving about half an inch space, and cutting two pieces of neoprene out of a sheet. I glued them together, letting the first coat dry completely and the second dry until tacky, and sticking them together. They made very nice, warm gloves that could be reversed when one side became worn.
--Boots must be leak-proof too, and should be without zippers. Wear them under the wet suit pants leg, so water does not flow into the boot.
When thinking of cold water diving, remember that the recovery of the crashed Boeing 707 in Washingtond DC's Potomic River began with Navy divers using the latest Unisuits, and single-hose regulators. (For those who don't remember, or were not around in the 1980s, the jet crashed on takeoff, and ended up going through the ice in the river--the diving was as cold as fresh water gets). After a frustrating time, they switched to wet suits (the dry suits were shredded by the wreckage; wet suits also were ripped, but only the immediate area is affected by the rip, not the integrety of the whole suit's thermal barrier) and double-hose regulators (free-flow problems with the single-hose regs, with is still true today without special modifications, and then it's still possbile).
Do not try to dive Clear Lake with a rented wet suit, fit is too important.
Remember that Clear Lake is an altitude dive. If you are coming from the Willamette Valley, use the lake's level for the altitude (I think it's about 2000 feet). If you are coming over the Cascades from Bend, then you must use the altitude of the Santiam Pass (which I think is just over 5000 feet) if you are traveling back the same day (within 24 hours).
Enclosed is a photo of me diving in the area around the lodge, which is really beautiful (Photo by Lynn Herbert). I'm in a wet suit with attached hood and Farmer John pants. The lake is hour-glass shaped, and you want to dive the upper part. Stay off the bottom, as it is soft, volcanic ash and very fine silt, and getting down will really stir up the water. Look for the submerged row boats, and the petrified trees that are in various areas of the upper lake. There are also springs with beautiful algea formations, that are easily disturbed by a diver getting too close with fins.
Enjoy!
SeaRat