Peer over there before much time has elapsed (5,2)
I believe the answer is:
early on
'before much time has elapsed' is the definition.
(I've seen this before)
'peer over there' is the wordplay.
'peer' becomes 'earl' (earl is a kind of peer).
'over there' becomes 'yon' (I've seen this before).
'earl'+'yon'='EARLY ON'
(Other definitions for early on that I've seen before include "Ere much time passed" , "In the first stages" , "not long after starting" , "right at the start" , "Quite soon in the proceedings" .)