When I have a feature in the grain or other prominent visual aspect located on the cap. I will place that to the RIGHT of the clip (Perspective: Looking straight at the pen, cap up,barrel down. The area to the right of the clip is the preferred location.) My reasoning is that for Right-handed writers, pen held in RIGHT hand, the clip will be oriented upwards away from the hand. The area you then see is what I descibed, so the "good stuff" goes there. (Sorry "lefties", you are in the minority.)
The above is a generalized default approach to the issue. Sometimes, with prominent, slightly diagonal grain patterns, it will look good to surround the clip, grain appearing symmetrical WRT the clip.
Finally, I have heard that some pen turners experience a flaw or defect. Although I have no experience with this phenomena,
:wink:, I would think hiding it under the clip might be a suitable solution.