A character from Ye Olden Days (4)

I believe the answer is:

yore

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'olden days' is the definition.
(I've seen this in another clue)

'a character from ye' is the wordplay.
'a character' becomes 'y'.
'from' says to put letters next to each other.
'ye' becomes 'ore' (I can't explain this - if you can you should give a lot more credence to this answer).
'y'+'ore'='YORE'

Can you help me to learn more?

(Other definitions for yore that I've seen before include "Formerly, of long ago" , "Archaic word for long ago" , "Yesteryear" , "Times past" , "Long ago (poetic)" .)

I've seen this clue in The Sunday Times and The Times.

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