Dispute book kept by Gray twice revised (4-5)
I believe the answer is:
argy-bargy
'dispute' is the definition.
(I've seen this before)
'book kept by gray twice revised' is the wordplay.
'gray twice' can mean two replacements for 'gray'.
'book' becomes 'b' (abbreviation for book).
'kept by' is an insertion indicator.
'revised' is an anagram indicator.
'gray'+'gray'='graygray'
'graygray' with letters rearranged gives 'argyargy'.
'b' going within 'argyargy' is 'ARGY-BARGY'.
(Other definitions for argy-bargy that I've seen before include "Noisy altercation" , "Noisy wranglings" , "Noisy wrangling" , "Slanging match" , "Much wrangling" .)