Curtsy old, much-loved King welcomes (3)
I believe the answer is:
bob
'curtsy' is the definition.
(synonyms)
'old much-loved king welcomes' is the wordplay.
'old' becomes 'o' (abbreviation as in OT - Old Testament).
'much loved king' becomes 'bb' (I can't justify this - if you can you should believe this answer much more).
'welcomes' indicates putting letters inside.
'o' inserted inside 'bb' is 'BOB'.
Can you help me to learn more?
(Other definitions for bob that I've seen before include "Set of changes" , "Pre-decimal coin" , "-- Dylan, singer" , "Briefly curtsey" , "Quick curtsy" .)