Set right loan arrangement of a flying unit (10)

I believe the answer is:

squadronal

I'm a little stuck... Click here to teach me more about this clue!

'set right loan arrangement of a flying unit' is the definition.
I can't tell whether this definition defines the answer.

'set right loan arrangement' is the wordplay.
'set' becomes 'squad' (I can't justify this - if you can you should believe this answer much more).
'right' becomes 'r' (common abbreviation).
'arrangement' indicates an anagram.
'loan' is an anagram of 'onal'.
'squad'+'r'+'onal'='SQUADRONAL'

Can you help me to learn more?

(Another definition for squadronal that I've seen is " of military units".)

I've seen this clue in the Sydney Morning Herald.

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