Miss pursuing grand schooner perhaps (5)
I believe the answer is:
glass
'schooner perhaps' is the definition.
(schooner is a kind of glass)
'miss pursuing grand' is the wordplay.
'miss' becomes 'lass' (lass is a kind of miss**).
'pursuing' means one lot of letters go next to another.
'grand' becomes 'g' ('G' can be a synonym of 'grand').
'lass' after 'g' is 'GLASS'.
(Other definitions for glass that I've seen before include "Drink container" , "Something to drink from" , "Vitreous material" , "Perhaps schooner" , "that one can see through" .)