the topic says it all.

"Replaygain Off, Clipprotect album based"

In my opinion this is the best setting, the songs are still quite loud but won't clip and the dynamics within the album are still there.
You might want to set headroom to 0.

I think there's no need for ClipProtect if you set the Headroom to 0. Using or not using ReplayGain is a matter of personal preference.
BTW. the Headroom slider also seems to work if you did not run ReplayGain on your MPC files.

sorry, if this is a stupid question, but what is the meaning of "headroom"

ps: thanks for your replies 'til now

So I could safely encode without doing any replaygain stuff and never have to worry about clipping again?

I believe the dB setting on the "Headroom" slider corresponds to a scale value... like --scale in mppdec but in dB instead of an absolute number. I could be wrong though...