That may be so loaded long wall collapsed (3,4,3,4)

I believe the answer is:

all well and good

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'that may be' is the definition.
I don't know anything about this answer so I cannot judge whether this works.

'loaded long wall collapsed' is the wordplay.
'collapsed' indicates anagramming the letters.
'loaded'+'long'+'wall'='loadedlongwall'
'loadedlongwall' is an anagram of 'ALL WELL AND GOOD'.

'so' is the link.

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I've seen this clue in The Telegraph.

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