Guided excessively around town (6)
I believe the answer is:
toledo
'town' is the definition.
'guided excessively around' is the wordplay.
'guided' becomes 'led' ('lead' can be a synonym of 'guide').
'excessively' becomes 'too' ('too' can be a synonym of 'excessively').
'around' is an insertion indicator.
'led' going within 'too' is 'TOLEDO'.
(Other definitions for toledo that I've seen before include "Maker of 3 [[COLD STEEL]" , "Spanish city famous for manufacture of steel blades" , "Spanish city known for swordmaking" , "Spanish city, famous for steel and swords" , "To dole out in the Spanish city" .)