Versatile notice for Fair Isle set up (10)
I believe the answer is:
adjustable
'versatile' is the definition.
(thesaurus)
'notice for fair isle set up' is the wordplay.
'notice for fair' becomes 'adjust' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'isle' becomes 'elba' (Italian island).
'set up' says the letters should be written backwards (in a down clue, letters go up).
'elba' in reverse letter order is 'able'.
'adjust'+'able'='ADJUSTABLE'
Can you help me to learn more?
(Other definitions for adjustable that I've seen before include "Able to be adapted" , "Modifiable" .)