Aftershave at first was effective round female? Not much (1,3,2)
I believe the answer is:
a bit of
'not much' is the definition.
(I've seen this in another clue)
'aftershave at first was effective round female?' is the wordplay.
'at first' suggests taking the first letters.
'was effective' becomes 'bit' (bite can mean to have an effect or impact).
'round' becomes 'o' (round can mean a round object).
'female?' becomes 'f' (common abbreviation).
The initial letter of 'aftershave' is 'a'.
'a'+'bit'+'o'+'f'='A BIT OF'
(Another definition for a bit of that I've seen is " somewhat".)