Choose to hide old literature or prosecute MP's activity? (8)

I believe the answer is:

politick

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'prosecute mp's activity?' is the definition.
I can't judge whether this definition defines the answer.

'choose to hide old literature' is the wordplay.
'choose' becomes 'pick' (picking is a kind of choosing).
'to hide' is an insertion indicator.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'literature' becomes 'lit' (abbreviation).
'o'+'lit'='olit'
'pick' enclosing 'olit' is 'POLITICK'.

'or' is the link.

Can you help me to learn more?

(Another definition for politick that I've seen is " Seek votes".)

I've seen this clue in The Times.

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