Wenlong has an excellent writeup of how write a WCF client with an eye towards performance.

On our BindingElement class, there is a protected ctor that takes another BindingElement as its parameter. This constructor exists in order to facilitate a composable implementation of BindingElement.Clone.  When writing a custom binding element, first implement a protected copy constructor as follows (note that for sealed classes this ctor should be private):

protected MyBindingElement(MyBindingElement elementToBeCloned)
   : base(elementToBeCloned)
{
  // copy all fields from elementToBeCloned.XXX to this.XXX
}

Then you should implement your Clone() method as follows:

public override BindingElement Clone()
{
  return new MyBindingElement(this);
}

Any BindingElement in your inheritance chain (assuming it has followed this pattern) will then copy over the relevant values in its copy constructor, so that you can be assured a full Clone of your custom binding element.