With most cloaking approaches you are looking at two separate issues -- detection and delivery.
Detection is how you'll determine one set of visitors from another. Common examples are IP, user agent, geoip, language code, browser, referrer, etc.
Delivery is how you delivery content to the page. Common examples are server redirect (301/302), client side redirect, frame/iframe, content replacement, etc.
Can you use caching with wpCloaker? Yes. We've have customers and ourselves use super-cache and quick-cache. We usually recommend that they do not because it is easy to screw things up. So the best to do is to test using something like UA detection of a test string to make sure matches and non-matchers are getting the right content.