Comment 3 for bug 394475

I'm not sure I understand exactly what you want but here are some things I think you should try, they may be what you're looking for.

If you want to be able to move the second object inside the clipping mask while keeping the mask in place, group the second object before clipping it! You will have a group of one, clipped, and if you want to move the object but not the mask just enter the group (Ctrl click or double click to enter the group), select the object and move it. Only parts within the mask will be shown, but the object will change position.

Another useful trick you might like: (group the second object before clipping) use clone of the first object as clipping path;

create first object
create second object
group second object
clone first object
clip the group using the clone

Now when you edit the first object (Node tool for example) the clipping path on the second object will be updated automatically! You won't be able to edit that mask independently as long as it's a clone.
If you want to move the mask as the first object moves, keep your Clones preference set to Move in parallel.