An out-and-out I can't say it! (11)

I believe the answer is:
unutterable
'an out-and-out i' is the definition.
Both the answer and definition are adjectives. Maybe there's an association between them I don't understand?
'can't say it' is the wordplay.
I cannot quite see how this works, but
'say' could be 'utter' (to utter something is to speak or say it) and 'utter' is found within the answer.
'it' could be 'e' ('e' can mean 'electronic' which is similar to 'IT') and 'e' is located in the answer.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for unutterable that I've seen before include "It's not possible to say" , "Dire (beyond words?)" .)
