Crossword Genius

First-rate low golf shot (4-4)

Ross

I believe the answer is:

blue chip

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'first-rate low golf shot' is the definition.
The answer and definition can be both man-made objects as well as being singular nouns.
Perhaps they are linked in a way I don't understand?

'low golf shot' is the wordplay.
'low' becomes 'blue' (both can mean unhappy).
'golf shot' becomes 'chip' (chip is a kind of golf shot).
'blue'+'chip'='BLUE-CHIP'

Can you help me to learn more?

(Other definitions for blue chip that I've seen before include "certain investment" , "Type of shares" , "Reliable financial stock - highest value gambling counter" , "Excellent" , "Of the highest quality" .)

I've seen this clue in The Telegraph.
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