Do good, pet (3)
I believe the answer is:
dog
'pet' is the definition.
'do good' is the wordplay.
'good' becomes 'g' (abbreviation).
'do'+'g'='DOG'
(Other definitions for dog that I've seen before include "Cur" , "A pet; its life prov. wretched" , "'Every ... is allowed one bite'" , "St Bernard, for example" , "Domesticated canine" .)