Fine cut not a success (4)
I believe the answer is:
flop
'not a success' is the definition.
(I've seen this before)
'fine cut' is the wordplay.
'fine' becomes 'f' (abbreviation).
'cut' becomes 'lop' (lopping is a kind of cutting).
'f'+'lop'='FLOP'
(Other definitions for flop that I've seen before include "Collapse loosely - total failure" , "Failure - loll" , "No success" , "Fiasco" , "Fall clumsily, liked failed play" .)