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Extremely devious setter's rising in value — Logodaedalus, say (9)

Ross

I believe the answer is:

wordsmith

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'logodaedalus say' is the definition.
I can't tell whether this defines the answer.

'extremely devious setter's rising in value' is the wordplay.
'extremely' means to remove the middle letters (letters on the extremes of the word are used).
'setter's rising' becomes 'mi' (I can't explain this - if you can you should believe this answer much more).
'in' means one lot of letters goes inside another.
'value' becomes 'worth' (I've seen this in another clue).
'devious' with its centre removed is 'ds'.
'ds'+'mi'='dsmi'
'dsmi' going within 'worth' is 'WORDSMITH'.

Can you help me to learn more?

(Other definitions for wordsmith that I've seen before include "fluent writer" , "Skilled writer or orator" , "Author" , "he'd be good at coining?" , "Person skilled at writing" .)

I've seen this clue in The Guardian.
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