The part of the conductor? (7,4)

'the' is the definition.
I know nothing about this answer so I cannot tell whether this works.

'part of the conductor?' is the wordplay.
I cannot quite understand how this works, but
'part' could be 'in' (synonyms) and 'in' is present in the answer.
'of' could be 'o' and 'o' is present in the answer.
'conductor?' could be 'lead' (lead is a kind of conductor) and 'lead' is located in the answer.
This may be the basis of the clue (or it may be nonsense).

Can you help me to learn more?