Executing various sequences of system functions in a system under test represents one of the primary techniques in software testing. The natural way to create effective, consistent and efficient test sequences is to model the system under test and employ an algorithm to generate the tests that satisfy a defined test coverage criterion. Several criteria of test set optimality can be defined. In addition, to optimize the test set from an economic viewpoint, the priorities of the various parts of the system model under test must be defined. Using this prioritization, the test cases exercise the high priority parts of the system under test more intensely than those with low priority. Evidence from the literature and our observations confirm that finding a universal algorithm that produces an optimal test set for all test coverage and test set optimality criteria is a challenging task. Moreover, for different individual problem instances, different algorithms provide optimal results. In this paper, we present a path-based strategy to perform optimal test selection. The strategy first employs a set of current algorithms to generate test sets; then, it assesses the optimality of each test set by the selected criteria, and finally, chooses the optimal test set. The experimental results confirm the validity and usefulness of this strategy. For individual instances of 50 system under test models, different algorithms provided optimal results; these results varied by the required test coverage level, the size of the priority parts of the model, and the selected test set optimality criteria.