I remember there being a convention article in one of the Dragon mags from the 80's (and somewhere in the 70's issue-wise, IIRC) that had a discussion on this. It basically boiled down to 2 things:
1. ID the timewasters and bypass them whenever possible.
2. Manage the heck out of your resources (the old boxer analogy - the punch that will only sting early on will knock you out later).
It also had some other stuff (the basics really), like choose a party leader early on and then follow that leader, and "do something," even if you're unsure if you are right.