Be ready to attack cock-and-bull story during delay (3,2,4)
I believe the answer is:
lie in wait
'be ready to attack' is the definition.
'story during delay' is the wordplay.
'story' becomes 'lie' (I've seen this before).
'during' becomes 'in' (I've seen this in other clues).
'delay' becomes 'wait' ('wait' can be a synonym of 'delay').
'lie'+'in'+'wait'='LIE IN WAIT'
'cock-and-bull' acts as a link.
This may not be right. It may belong to another bit of the clue.
Can you help me to learn more?
(Other definitions for lie in wait that I've seen before include "Prepare to launch ambush" , "Prepare to attack" , "Bide time" , "prepared for attack!" , "what will hunter do?" .)