University pleasant after eliminating one measure (5)
I believe the answer is:
ounce
'measure' is the definition.
(ounce is a kind of measure)
'university pleasant after eliminating one' is the wordplay.
'university' becomes 'ou'.
'pleasant' becomes 'nice' (similar in meaning).
'after eliminating' is a deletion indicator.
'one' becomes 'I' (Roman numeral).
'nice' with 'i' taken away is 'nce'.
'ou'+'nce'='OUNCE'
(Other definitions for ounce that I've seen before include "A light imperial measure of weight" , "scrap" , "Oz" , "Unit of weight - snow leopard" , "one of several in a pound" .)