Way left to produce scaled-down version (5)
I believe the answer is:
model
'scaled-down version' is the definition.
'way left' is the wordplay.
'way' becomes 'mode' ('mode' can be a synonym of 'way').
'left' becomes 'l' (common abbreviation).
'mode'+'l'='MODEL'
'to produce' is the link.
(Other definitions for model that I've seen before include "Small-scale version" , "Example (on the catwalk?)" , "Representative example" , "Scale replica" , "Replica (on the catwalk?)" .)