I over-egg misguided allusion to extravagant royal (6,2)

I believe the answer is:

george iv

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'allusion to extravagant royal' is the definition.
I can't judge whether this definition defines the answer.

'i over-egg misguided' is the wordplay.
'misguided' indicates anagramming the letters (letters guided into the wrong places).
'i'+'over'+'egg'='ioveregg'
'ioveregg' with letters rearranged gives 'GEORGE IV'.

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I've seen this clue in The Irish Times.

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