I say, fellow, that's sharp! (5)

I believe the answer is:

honed

I'm a little stuck... Click here to teach me more about this clue!

'sharp' is the definition.
(I've seen this in another clue)

'i say fellow' is the wordplay.
'i say' becomes 'hon' (I can't justify this - if you can you should believe this answer much more).
'fellow' becomes 'ed' (short for Edward).
'hon'+'ed'='HONED'

'that's' is the link.

Can you help me to learn more?

(Other definitions for honed that I've seen before include "Perfected" , "Refined" , "Sharpened with a stone" .)

I've seen this clue in the Evening Standard.

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