Found what I was looking for:
http://www.ncbi.nlm.nih.gov/pubmed/11277197
"Environmental Medicine Consortium, Department of Clinical Sciences, College of Veterinary Medicine, North Carolina State University, Raleigh 27606, USA.
Abstract
OBJECTIVE: To compare the anesthetic efficacy and physiologic changes associated with exposure to tricaine methanesulfonate and clove oil (100% eugenol). ANIMALS: 15 adult cultured red pacu (Piaractus brachypomus). PROCEDURE: Fish were exposed to each of 6 anesthetic concentrations in a within-subjects complete crossover design. Stages of anesthesia and recovery were measured, and physiologic data were collected before and during anesthesia. RESULTS: Interval to induction was more rapid and recovery more prolonged in fish exposed to eugenol, compared with those exposed to tricaine methanesulfonate. The margin of safety for eugenol was narrow, because at the highest concentration, most fish required resuscitation. Mixed venous-arterial PO2 consistently decreased with anesthesia, while PCO2 consistently increased with anesthesia in all fish regardless of anesthetic agent. The increase in PCO2 was accompanied by a decrease in pH, presumably secondary to respiratory acidosis. Anesthesia was associated with increased blood glucose, potassium, and sodium concentrations as well as Hct and hemoglobin. Fish anesthetized with eugenol were more likely to react to a hypodermic needle puncture than fish anesthetized with tricaine methanesulfonate. CONCLUSIONS AND CLINICAL RELEVANCE: Anesthesia induced with tricaine methanesulfonate or eugenol contributes to hypoxemia, hypercapnia, respiratory acidosis, and hyperglycemia in red pacu. Similar to tricaine methanesulfonate, eugenol appears to be an effective immobilization compound, but eugenol is characterized by more rapid induction, prolonged recovery, and a narrow margin of safety. Care must be taken when using high concentrations of eugenol for induction, because ventilatory failure may occur rapidly. In addition, analgesic properties of eugenol are unknown."
Soooo... For me, tricaine methanesulfonate would probably be a safer way to go. Basically, for a superficial proceedure, a low dose of clove oil is great. However, for a more invassive proceedure, the dose needs to be high. Because the margin for error is smaller with clove oil, you run a greater risk as you induce the fish into the necessary deeper level of unconsciousness. What I intend to do will evoke reaction even if the animal does not seem conscious. The gag reflex is one of the main tests we use to determine when it's okay to start surgery. To knock out reflexes, the level of induction necessary is very deep, and I would be playing within the small margin of error with clove oil. Tricane methanesulfonate with provide me with a safe route in this proceedure, but clove oil would be effective for many things that do not involve deep pain or reflexes.