Lazy old walk into land of sleep (2-4)

I believe the answer is:

no-good

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'lazy' is the definition.
Both the answer and definition are adjectives. Maybe they are linked in a way I don't understand?

'old walk into land of sleep' is the wordplay.
'old' becomes 'o' (abbreviation).
'walk' becomes 'go'.
'into' is an insertion indicator.
'land of sleep' becomes 'nod' (I've seen this in another clue).
'o'+'go'='ogo'
'ogo' inserted inside 'nod' is 'NO-GOOD'.

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(Another definition for no-good that I've seen is " (Of a person) beneath contempt".)

I've seen this clue in The Times.

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