Wrongly oiled model containing ring in the measuring device (10)
I believe the answer is:
theodolite
'device' is the definition.
(theodolite is a kind of device)
'wrongly oiled model containing ring in the' is the wordplay.
'wrongly' indicates anagramming the letters (I've seen this in other clues).
'model' becomes 't' (Ford Model T car).
'containing' is an insertion indicator.
'ring' becomes 'o' (letter resembling a ring).
'in' is an insertion indicator.
'oiled' with letters rearranged gives '[oiled]'.
'[oiled]'+'t'='edolit'
'edolit' enclosing 'o' is 'eodolit'.
'eodolit' going within 'the' is 'THEODOLITE'.
'measuring' is the link.
I am not very happy about this link. It may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for theodolite that I've seen before include "What a surveyor might use" , "transit, in America" , "Surveyor's instrument" , "Surveying instrument" .)