Like a tie, or like some underwear? (4)
I believe the answer is:
lacy
'like some underwear?' is the definition.
'like a tie' is the wordplay.
I cannot really understand how this works, but
'like' could be 'y' ('y' can be similar in meaning to 'like') and 'y' is located in the answer.
'a' is present in the answer.
This may be the basis of clue (or it may be nonsense).
'or' is the link.
(Other definitions for lacy that I've seen before include "Fine" , "Resembling open fabric" .)