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Ready for a fight by obelisks, with honours even (2,7,5)

Ross

I believe the answer is:

at daggers drawn

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'ready for a fight' is the definition.
I know nothing about this answer so I cannot tell whether it can be defined by this definition.

'obelisks with honours even' is the wordplay.
'obelisks' becomes 'daggers' ('dagger' can be a synonym of 'obelisk').
'with' means one lot of letters go next to another.
'honours' becomes 'at' (I am not sure about this - if you are sure you should believe this answer much more).
'even' becomes 'drawn' (having the same number of points).
'daggers' put after 'at' is 'atdaggers'.
'atdaggers'+'drawn'='AT DAGGERS DRAWN'

'by' acts as a link.

Can you help me to learn more?

(Other definitions for at daggers drawn that I've seen before include "prepared to fight" , "involved in hostilities" , "in hostile state" , "show of open hostility" , "Mutually hostile" .)

I've seen this clue in The Times.
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