Excellent, regularly noted author (5)
I believe the answer is:
defoe
'author' is the definition.
(Daniel Defoe)
'excellent regularly noted' is the wordplay.
'excellent' becomes 'def' (old-fashioned term for excellent).
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
The alternating letters of 'noted' are 'oe'.
'def'+'oe'='DEFOE'
(Other definitions for defoe that I've seen before include "Daniel --, English novelist" , "Author of Moll Flanders, d. 1731" , "Robinson Crusoe's creator, d. 1731" , "Daniel . . . . . wrote ''Robinson Crusoe'' (5)" , "Gulliver author" .)