Normally if Link is against a wall and tries to look into it, he'll get pushed away from the wall so that the camera doesn't go through it. However if Link is on the edge of some ground collision, and being pushed away from the wall would result in him falling off the edge, the game simply allows looking through the wall. If there happens to be outward facing collision on the other side of the wall, Link can clip through to the outward facing collision if he leans far enough into the wall to touch it.
For step 2: It can help to go into first person and target walk towards the edge. However sometimes this will not get you all the way to the edge of the ledge. If you have the Ball and Chain, it can help to target walk to the edge while swinging the Ball and Chain. This can help prevent falling off the ledge as the game doesn't want Link falling off ledges in this state and you also won't get pushed away from the ledge like with first person target walking.
For Step 4: If you're looking all the way down in first person already, but can't seem to clip, try pulling out one of the items mentioned in step 3 as they can sometimes move Link forward slightly more.