The pool may be splendid (3-4)
I believe the answer is:
top-hole
'splendid' is the definition.
(I've seen this before)
'the pool may be' is the wordplay.
'may be' indicates anagramming the letters.
'the'+'pool'='thepool'
'thepool' with letters rearranged gives 'TOP-HOLE'.
(Other definitions for top-hole that I've seen before include "First-rate" , "Excellent" .)
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