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Finally blue-pencil i.e. b_____, d__ and worse, possibly (10)

Ross

I believe the answer is:

bowdlerise

I'm a little stuck... Click here to teach me more about this clue!

'finally blue-pencil' is the definition.
'bowdlerise' can be an answer for 'blue-pencil' ('blue-pencil'->'bowdlerize' is in my internal thesaurus and 'ize'->'ise'). I am not certain of the 'finally' bit.

'i e b d and worse possibly' is the wordplay.
I cannot quite see how this works, but
'i' is within the answer.
'e' is within the answer.
'b' is found in the answer.
'd' is within the answer.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for bowdlerise that I've seen before include "Clean up" , "Expurgate the indelicate unnecessarily" , "Censor" , "Cut" .)

I've seen this clue in The Guardian.
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