Just a newbie here, but if the fill is to be compacted, expecially to a good modified proctor, but even a standard, wouldn't the settlement be determined not by whether it's clay or not, but how it compares with the values reached in the lab?If it compacts in the lab, and if you were to specify 95% mod(which in my experience is rare for the depth of compacted fill), wouldn't settlement be minimized? You could also predict how your fill will compact by comparing the in-situ moisture to your moisture-density curve and see what the max compaction will be. If it's lower than your percentage specified, you will need to improve the soil, or since it's already being dug out, import the rest of the fill; probably more expensive.
That being said, if it's clay, beware of placing in wet weather. It will go south in a hurry, and is not easily dried out.
Input on this post would be appreciated. Thanks.