Be aware: It's a good idea to retain a "master file" containing live type and un-expanded art for you in case it's needed in the future. Don't provide the "master" to the client. But you keep it in your files for your use.
Yes. Whenever possible and feasible convert type to outlines for client delivered files. I post "possible and feasible" because it's not logical to convert a 20 page InDesign file to outlines, However, for logo work you should really always convert to outlines for your final production files. The client shouldn't ever need any fonts to use their logotype. (This also, takes care of the legal issues regarding sending someone font files).
This somewhat depends upon the art. In most cases I do everything I can to expand, flatten, and merge all artwork for a logo. There are a couple of reasons I do this. #1) It makes editing more difficult. The more difficult the file is to edit, the more it will discourage the client altering it. Since a logo shouldn't ever be altered beyond set brand guidelines, ease of editing shouldn't be a concern from the client. I provide all brand requirements necessary. And B) in some cases expanding/flattening can help with things like screen redraw if you have very complex appearance items. It can also make output a bit more direct (speedy). Flat artwork generally takes less postscript to output. Not like you'd really notice and this is really kind of minor, but it certainly won't do any harm to expand things.
Completing #2 will generally remove clipping masks if possible. If it doesn't, then they shouldn't be a problem in terms of production. I, personally, like to remove as much complexity from logo files as I can. So if that means I need to manually go in and remove a clipping mask and redraw a shape or something, I will. This is really more a matter of preference. There's no absolute technical reason you need to remove clipping masks in Illustrator -- there's more a concern about what is being clipped. Hopefully it's not a raster image for a logo, that would just be bad in many ways. *Clearly, the image you posted doesn't have rasters, so no worries there.
The big thing you can do to make a client happy with logo file delivery is to ensure you provide proper file formats. There are a few questions here with suggestions on that: