One old wreck regarded as heavenly (4)

I believe the answer is:

idol

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'regarded as heavenly' is the definition.
I can't tell whether this definition defines the answer.

'one old wreck' is the wordplay.
'one' becomes 'i' (Roman numeral).
'wreck' is an anagram indicator.
'old' with letters rearranged gives 'dol'.
'i'+'dol'='IDOL'

Can you help me to learn more?

(Other definitions for idol that I've seen before include "Favourite" , "'There's a one-eyed yellow -' (Hayes)" , "Person who is the object of intense admiration as by fan club" , "Worshipped image; lido (anag.)" , "Graven image or worshipped person" .)

I've seen this clue in the Evening Standard.

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