I go counter-clockwise, starting at the back, and it works out fine. Saw needs to be done first, or it'll have a horrendous wait regardless. The soundstage houses often have their shortest waits towards the end of the night, so I do them last.
My route:
Silver Screams
Chucky
The Spawning
Saw (If I have Express, otherwise it's first)
Leave it to Cleaver
Frankenstein
Dracula
The Wolfman
Doing this, you might run into trouble with Cleaver, but that's about it. And I'd rather just wait than have to come back for it at the end.
This strategy would also seem effective if not for the timed openings of the houses - that is, Wolfman, Chucky, and Screams open first, followed by Dracula & Spawning, followed by Frankenstein, followed by Cleaver, and finally SAW. If you run to SAW at opening, you're just going to be waiting for it to open.
Otherwise, it seems like a pretty good strategy. Try to time your visits to SAW and Cleaver to go on during - and not directly before or after - a Bill&Ted/Rocky Horror Picture Show respectively, otherwise the houses will get mobbed.
If this helps anyone, the wait times for last Saturday in the last hour of the park's operation:
Wolfman: 10 Minutes
Dracula: 60 Minutes
Frankenstein: 30 Minutes
Leave it to Cleaver: 5 Minutes
SAW: 45 Minutes
Spawning: 30 Minutes
Chucky: 45 Minutes
Silver Screams: 10 Minutes
It seems Cleaver, Wolfman, and Silver Screams are the houses to hit at the end of the night.
One last note on my strategy - crossing the park one and a half times over might seem like a hassle at first, but keep in mind that in doing so you'll get to see all of the scare zones in their most effective, nighttime status as you move from house to house, rather than having to backtrack later to see them.