Smith Creek is closed in between the top of the steps and where it rejoins with the road.  Trail is closed due to washouts.  There are a few up there below the rock face, but mostly it's just overgrown.  Don't recommend this section.  The loop can still be ridden, just take the road at the FR99 extension.

Overall, this is an excellent ride and an excellent way to make a loop out of it all.  The Smith Creek descent was a nice treat, as it was fun the whole way and not at all some poor-riding connector trail.  Lots of fun swoopy turns, some sections you can even throw a hip on, etc.  The weather was about perfect when I rode, cool temps, but not cold, warmer in the sun later on, but still good in the shade.  I can see it could get very hot down in the Smith Creek drainage though, so something to keep in mind for the heat of the summer.  The spin up from Smith Creek back to Ape Canyon is pretty chill, constant grade, converted forest road.  A good way to end the ride.  

I was considering doing this in reverse, lots of people warned me against this.  I think most of the Smith Creek trail would be climbable for a fit rider, with some 20' or so sections that have to be hiked occasionally near the top, but you'd do the chill but kind of boring descent to Smith Creek, then spend most of the ride on Smith Creek trail and probably not have as much left for the ride across the Plains and Ape Canyon, both of which are not all downhill by any means, so the clockwise loop seems to be the better way to do it, but if I lived around there I'd probably go CCW at some point just to have it under my belt.