Might as well start off lifeboat drill? (5,4)

I believe the answer is:

power tool

'drill?' is the definition.
(drill is a kind of power tool)

'might as well start off lifeboat' is the wordplay.
'might' becomes 'power' (I've seen this before).
'as well' becomes 'too' ('too' can be a synonym of 'as well').
'start off' indicates taking the first letters.
The first letter of 'lifeboat' is 'l'.
'power'+'too'+'l'='POWER TOOL'

(Another definition for power tool that I've seen is " drill, perhaps".)

I've seen this clue in The Independent.

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