Wasted fish, we hear, like a favoured boy? (4-4)

I believe the answer is:
blue-eyed
'favoured boy?' is the definition.
The answer and definition are different parts of speech. However, past participle verbs and adjectives can occasionally mean the same thing.
'wasted fish we hear' is the wordplay.
'wasted' becomes 'blue' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'fish' becomes 'ide' (type of fish).
'we hear' shows a homophone (sound like).
'ide' sounds like 'eyed'.
'blue'+'eyed'='BLUE-EYED'
'like a' is the link.
Can you help me to learn more?
(Other definitions for blue-eyed that I've seen before include "Such a boy is favourite" , "Specially favoured, probably blond" .)
