Entertainer or tripe processor (7)
I believe the answer is:
pierrot
'entertainer' is the definition.
(stock theatrical character)
'or tripe processor' is the wordplay.
'or tripe' can be anagrammed to 'PIERROT'.
However, I'm not sure how the anagram is indicated.
Can you help me to learn more?
(Other definitions for pierrot that I've seen before include "Clown from French pantomime with white face and costume - tripe or what?" , "Aged entertainer" , "In French panto, clown with white face and baggy costume" , "Period; incantation" , "Type of clown" .)