King on black aeroplane (4,3)

I believe the answer is:

lear jet

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'aeroplane' is the definition.
I know nothing about this answer so I cannot tell whether it can be defined by this definition.

'king on black' is the wordplay.
'king' becomes 'lear' (King Lear).
'on' means one lot of letters go next to another (in a down clue, letters appear on others).
'black' becomes 'jet' (jet black is a kind of black).
'lear'+'jet'='LEAR JET'

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I've seen this clue in the Sydney Morning Herald.

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