Peer over there before much time has passed (5,2)
I believe the answer is:
early on
'before much time has passed' 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 in another clue).
'earl'+'yon'='EARLY ON'
(Other definitions for early on that I've seen before include "Previously" , "Before much time has elapsed" , "before much time passes" , "Towards the beginning" , "Ere much time passed" .)