In company Louise, though half-cut, set the right tone (6)
I believe the answer is:
colour
'tone' is the definition.
(I know that colour is a type of tone)
'in company louise though half-cut set the right' is the wordplay.
I cannot really understand how this works, but
'company' could be 'co' (abbreviation) and 'co' is present in the answer.
'right' could be 'r' (common abbreviation) and 'r' is located in the answer.
The remaining letters 'lou' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for colour that I've seen before include "'Tinge, hue (6)'" , "Hue, tint" , "Go red" , "Blue or green, say" , "Tinge - distort" .)