We go to Clearwater Beach each time we go to WDW. We love it. No, unfortunately there are no cheap hotels that I can recall. It's the beach though so everything is going to cost more.
As for shopping, they have tons of little souvinir shops down Mandalay Ave. That's the road that runs right by Pier 60 there. You can park your car in the lot all day for $10, go shopping down Mandalay Ave (Surf Style is the best!) , then there is a "okay" place to eat at the end of the pier but you may want to try Frenchy's Rockaway Grill
http://www.frenchysonline.com/rock_index.html. Whatever you do, don't forget to stop in the Walgreens on Mandalay Ave and buy a beach umbrella and a sand wedge/screw that the umbrella sits in. They're cheap and will save you from getting burned in the sun.
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