Path set out in bygone times (3,4)

I believe the answer is:

the past

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'bygone times' is the definition.
The definition and answer can be both related to time as well as being singular nouns.
Maybe they are linked in a way I don't understand?

'path set out' is the wordplay.
'out' indicates anagramming the letters (out can mean wrong or inaccurate).
'path'+'set'='pathset'
'pathset' is an anagram of 'THE PAST'.

'in' is the link.

Can you help me to learn more?

I've seen this clue in The Times.

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