Measured out, me boy! (5)

I believe the answer is:

meted

'measured' is the definition.
(I've seen this in another clue)

'me boy' is the wordplay.
'boy' becomes 'ted' (short for Edward or Theodore).
'me'+'ted'='METED'

'out' acts as a link.

(Another definition for meted that I've seen is " Handed out in small portions".)

I've seen this clue in the Evening Standard.

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