Being said to be worthy of ennoblement, is praiseworthy! (8)
I believe the answer is:
laudable
'praiseworthy' is the definition.
(synonyms)
'being said to be worthy of ennoblement' is the wordplay.
'being' becomes 'lord' (lord is a kind of being).
'said to be' shows a homophone (sound like).
'worthy of ennoblement' becomes 'able' (I can't explain this - if you can you should give a lot more credence to this answer).
'lord' sounds like 'laud'.
'laud'+'able'='LAUDABLE'
'is' acts as a link.
Can you help me to learn more?
(Other definitions for laudable that I've seen before include "Worthy of high praise" , "Excellent" , "Praiseworthy, commendable" , "Good enough to praise" , "Meritorious" .)