Nested IF code in GUI Controls
I would do this:

function TMyObject.GetCursor: TCursor;
begin
  if CanDragX and CanDragY then
    Result := crSizeAll
  else if CanDragX then
    Result := crSizeWE
  else if CanDragY then
    Result := crSizeNS
  else
    if CanClick then
      Result := crHandPoint
    else
      Result := crArrow;
end;


But really it is a matter of style and what is most readable to you (and the person who will maintain it).