Crossword Genius

Can old companions set up and go quickly? (4,2,2)

Ross

I believe the answer is:

step on it

I'm a little stuck... Click here to teach me more about this clue!

'go quickly?' is the definition.
(I've seen this in another clue)

'can old companions set up and' is the wordplay.
I cannot really see how this works, but
'old' could be 'o' (abbreviation) and 'o' is present in the answer.
an anagram of 'set' is 'ste' which is within the answer.
'and' could be 'n' (common abbreviation for 'and') and 'n' is located in the answer.
The remaining letters 'pit' is a valid word which might be clued in a way I don't see.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for step on it that I've seen before include "Move quickly" , "Informally, hurry or drive faster" , "to flatten an insect?" , "to take advantage of escalating opportunity" , "be quicker" .)

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