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Are you asking about how to cloak, or what approach you should take?
We'll need a little more information to help you out.
How you actually set it up depends on what you are using to do the cloaking, in general you need to have pages you want your regular visitors to see and you need to have pages that are optimized, or at least more search engine friendly than your regular visitor pages. These optimized pages must be very relevant to the pages you will show regular visitors.
Depending on the script you can either show the same optimized pages to every search engine you are cloaking for, or you can serve a different optimized page that is targetted to each specific search engine you are cloaking for.
The mechanics of how you actually do this depend on your cloaking method or script. If you have built it yourself then you already know how you should set it up, if you acquired a script elsewhere then likely the author of that script should be able to answer your questions.
Any questions not related to how a particular script is set up we can help you with here.
That is a sister site to this one, you will find some great tools and info for ranking better in search engines. Have a look through searchengineworld.com, and be sure to come back and join the discussions here, I think you will find the two sites compliment each other very nicely.