Good timber cut badly! (4)

I believe the answer is:

gash

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'cut badly' is the definition.
'gash' can be an answer for 'cut' (a gash is a wound or cut). I'm not certain of the 'badly' bit.

'good timber' is the wordplay.
'good' becomes 'g' (abbreviation).
'timber' becomes 'ash' (I've seen this before).
'g'+'ash'='GASH'

Can you help me to learn more?

(Other definitions for gash that I've seen before include "surplus to requirements" , "Long deep slash" , "Open wound" , "Long deep cut" , "Laceration" .)

I've seen this clue in the Evening Standard.

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