Tom's on a high, OK? (6,2)
I believe the answer is:
thumbs up
'ok?' is the definition.
(both can mean approval)
'tom's on a high' is the wordplay.
'tom's' becomes 'Thumb's' (folklore character Tom Thumb).
'on a high' becomes 'up'.
'thumbs'+'up'='THUMBS-UP'
(Other definitions for thumbs up that I've seen before include "Indication of approval" , "gets green light, perhaps" , "Manual sign of approval" , "Approving gesture" , "Digital signal" .)