Past poetically revealed by wizened local, looking back (5)
I believe the answer is:
olden
'past poetically' is the definition.
(poetic term for 'past')
'revealed by wizened local looking back' is the wordplay.
'revealed by' says the answer is hidden in the clue.
'looking back' says the letters should be written in reverse.
'nedlo' can be found hidden inside 'wizened local'.
'nedlo' written backwards gives 'OLDEN'.
(Other definitions for olden that I've seen before include "(Of days) in the long distant past!" , "times gone by" , "of ancient history?" , "Of past (times)" , "Former, past" .)