After many years of riding with toe clips, I am giving some thought to making a switch to cycling shoes and cleats. I have used the clips because my left foot points to the outside from a badly set fracture when I was 12 years old. The play in the clip accommodates the misalignment. Lately however, I have noticed a certain amount of lost motion in my foot/pedal link and suspect that it may be making my stroke less efficient.

I am not an aggressive rider and have no interest in racing. I typically ride my road bike 60 to 80 miles a week at a moderate pace; seldom over a 15 mph average and I seldom ride in groups. But, I plan to ride a century in the next six months and want to have my gear and my body as ready and efficient as possible. This is, I guess, the main reason for the question about the cleats.

I would appreciate hearing your opinions about the advantages and disadvantages of cleats vs toe clips. I am specifically interested in knowing whether cleats will accommodate my toe-out and any recommendations for cleat/shoe combinations.
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May I walk in beauty.