Craft lie making Tory cool (4,4)
I believe the answer is:
tall ship
'craft lie' is the definition.
I don't know anything about this answer so I can't judge whether this works.
'tory cool' is the wordplay.
'tory' becomes 'talls' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'cool' becomes 'hip' (hip can mean cool or fashionable).
'talls'+'hip'='TALL SHIP'
'making' acts as a link.
Can you help me to learn more?
(Another definition for tall ship that I've seen is " Sailing vessel".)