Handle what Billy may do
I believe the answer is:
butt
'handle' is the definition.
(butt is a kind of handle)
'what billy may do' is the wordplay.
I cannot quite see how this works, but
'do' could be 'ut' (synonyms) and 'ut' is found in the answer.
This may be the basis of clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for butt that I've seen before include "Victim of ridicule" , "Scapegoat - strike - bottom - barrel" , "Barrel - laughing stock" , "Contralto" , "Stub" .)