Cardigan loop (Holt-Clark-Manning) question

I know there is a somewhat popular loop that starts and ends at the AMC Cardigan Lodge, and involves the Holt trail, then going over to Clark trail to avoid the most sketchy part of the Holt Trail, passing over the summit and on to Firescrew, and then down Manning trail. I've seen a lot of mention about isolated dangerous steep sections coming down Manning Trail. My question is, why do all the hikes go in this direction? If Manning is steep it would make more sense to do that on the uphill and come down Clark. Just trying to figure this out, maybe Clark is actually more steep but they don't mention it because that's the uphill part? Or some other reason?

Also, if anyone has done this hike there is supposedly a 40 ft waterfall on Bailey Brook alongside the Holt Trail... just wondering if that is before or after the junction with the Holt-Clark Cutoff.

Dropping down Clark from the summit is steep (but short), and can get very icy in winter. Actually, dropping off either side of Cardigan is steep. There are only a couple of short, steep pitches on Manning, where the trail re-enters the woods after the first open ledge section (just before reaching the ridge). In my opinion, the loop is kind of a toss-up as far as direction. I've done it both ways many times, but prefer up Manning first, as I love the ridge walk across Firescrew with the views of Cardigan ahead.

I believe the falls you mention is Elizabeth Holt Falls. The falls are a steep drop down to the brook shortly before you reach Grand Junction (where the Holt-Clark Cutoff departs).

Having maintained these trails for many years, I concur with Barkingcat's advice to ascend via Manning. I blazed the trail in 2012, making sure the yellow blazes could be followed in fog by painting them much closer than the trail manuals suggest. There are also about ten cairns on the Manning between treeline and its west end at Mowglis Trail. There we installed the 4x4x5' signpost braced to 2x4 feet like a hatrack in October 2011. On Mowglis heading for Cardigan you will find cairns at places where the trail enters belts of spruce, as well as sometimes out on open ledge. I hope this guides you safely.

And do NOT follow the illegally painted blue blazes that branch off from Mowglis headed to Cardigan, unless you intend to visit Grotto Cave (if these are even still visible right now). What a mess that is.