Until almost the end of Chamber of Secrets, it's as if Harry has forgotten that he owns an invisibility cloak. There's numerous occasions in the book where it appears to me that using the cloak was either a viable enough option to merit a mention, or just plain better than what they actually did. None of the examples stand out to me more than the polyjuice plot. Many of its risks are discussed in the book (e.g. immense rule-breaking), lots goes wrong when they actually do it, there's clear evidence that they didn't think it through (why steal the targets's shoes but leave your own on when you drink the potion?), and worst of all, it takes an extremely long time to brew the potion, meaning that they've risked lives to make this effort.
This gives me my question - why not just use the cloak? It's a proven effective tool that doesn't have a paper trail, unlike this potion that could well be a deadly botch. All that Harry had to do was put the cloak on, follow a known Slytherin to their common room, and stand and wait until you hear the suspect open his mouth in the presence of his friends. The only advantage that I can think of for the polyjuice plot is that they can use their disguise to guide the conversation towards the subject of interest, but that pales in comparison to the time constraint, the difficulty of finding and fooling Malfoy, and the time wasted searching for the common room. And while we're on this topic, why not use both polyjuice and the cloak? i.e. Do both plots? They didn't even consider using the cloak when they had to steal the ingredients for the potion!