Look - alloy has no little weight (4)
I believe the answer is:
peer
'look' is the definition.
(peering is a kind of looking)
I don't understand how the remainder of the clue works.
(Other definitions for peer that I've seen before include "Struggle to look" , "Peep; nobleman" , "one visiting ladies, say?" , "One entitled" , "Gaze" .)