I say that we steal everything that isn't nailed down, taste-test the alchemy ingredients, sell whatever is left over and use the money to learn all the magic we can, as fast as we can. There are several reasons for this.
First, we are hopelessly far behind the other PCs (if we're a PC at all) and need a game-changer.
Second, the biggest threat to this LP isn't being killed, but the meta-threat that the writer gets bored and wanders off, leaving Michael forever trapped in limbo. We need to do something exciting and crazy to give him something to write about.
Third and most important, Clover is almost certainly a PC. That means that she has the advantages of a PC, but also the disadvantages of one. Clover is probably completely incapable of investigating anything that isn't programmed in by the game designers, and I mean literally incapable - she can't investigate if she doesn't have clues, and she can't garner clues unless something in the game programming lets her do it. Moreover, she's probably also limited by the (fictional) person playing her. If you notice that your gear went missing in a video game, do you assume that an NPC suddenly developed free will and stole it? No, you assume that the game glitched. We would probably be best off picking the room bare, if possible, to maximize the chances that Clover just assumes that her save game is bugged - but that also maximizes the chances that she finds us raiding her stash. Probably best, therefore, just to steal what we need to learn magic and then learn the hell out of it so that we have some chance of actually, y'know, beating the game, or at least surviving if something truly nasty gets annoyed by our shenanigans.
Fourthly, even if Clover or Maximus completes the main quest before we do, the learn-the-hell-out-of-magic route at least guarantees Michael a decent job in Morrowind. Archmages can live forever and earn tons of dosh. It's not a bad life - probably better than returning to a "home" that he never really knew. Hey, maybe he can even live long enough to try again in Oblivion.