I would do army camps ---> Spell Factory ---> Archers
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I would do army camps ---> Spell Factory ---> Archers
This is the best argument for doing something besides Archers; If you do this, do Minions (if you already haven't) and then the SF & camps..
However, if you are near the amount needed to get them I would advise to do them too; and get them out of the way.
Yes camps will increase your farming capabilities but you can still use the camps while they upgrade unlike the SF and barrax and such.. and lvl 6 Barch can help you grind out the rest of your elixir based upgrades much faster.. as I said in another post Barch may be your most reliable army when you are low on elixir after a big upgrade in the lab like Giants or B'loons and such...
I have never heard anyone say they regretted doing the archers, the HP and DPS is minimal, but once you get them, you'll see, in mass they really mow down a base and support the tanks really well and are super cheap considering.
I did my Lab and SF before I did my camps have no regrets (you have had 200 troops and been doing fine right?) but that 4th spell is a game changer as well are the Archers IMO.. YMMV play how you like