Proverbially happy little chap (5)

I believe the answer is:

larry

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'proverbially happy little chap' is the definition.
'Larry' can be an answer for 'chap'. I am not sure about the 'proverbially happy little' bit.

'little chap' is the wordplay.
'little' becomes 'l' (abbreviation for little).
'chap' becomes 'arry' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'l'+'arry'='LARRY'

Can you help me to learn more?

(Other definitions for larry that I've seen before include "happy man" , "Proverbially happy fellow" .)

I've seen this clue in the Evening Standard.

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