I try embodying a Shakespearean character (4)
I believe the answer is:
iago
'shakespearean character' is the definition.
(character from Othello)
'i try embodying a' is the wordplay.
'try' becomes 'go' (both can mean an attempt).
'embodying' is an insertion indicator (to embody can mean to contain or include).
'i'+'go'='igo'
'igo' placed around 'a' is 'IAGO'.
(Other definitions for iago that I've seen before include "villainous ensign" , "Othello's treacherous counsellor" , "Othello's evil counsellor" , "Shakespeare's jealous villain" , "Othello's ensign" .)