Elevated title capturing most suitable figure in morality (8)
I believe the answer is:
everyman
'figure in morality' is the definition.
(stock character in medieval morality plays)
'elevated title capturing most suitable' is the wordplay.
'elevated' shows that the letters should be reversed in order (in a down clue, letters go up).
'title' becomes 'name' (I've seen this before).
'capturing' means one lot of letters goes inside another.
'most suitable' becomes 'very' (as in 'the very thing').
'name' in reverse letter order is 'eman'.
'eman' going around 'very' is 'EVERYMAN'.
(Other definitions for everyman that I've seen before include "A typical human being" , "Mystery play character" , "Representative human" , "Old morality play" , "Anybody - the hero of a morality play - Observer crossword" .)