Pleased, makes fun of finery (4,4)
I believe the answer is:
glad rags
'finery' is the definition.
(both can mean formal clothing)
'pleased makes fun' is the wordplay.
'pleased' becomes 'glad' (similar in meaning).
'makes fun' becomes 'rags' (I can't justify this - if you can you should believe this answer much more).
'glad'+'rags'='GLAD RAGS'
'of' is the link.
Can you help me to learn more?
(Other definitions for glad rags that I've seen before include "best suit" , "Dressy clothes in happy shreds" , "Best clothes worn for special occasions" , "What partygoers showed up in" , "Smart clothes (for a special occasion)" .)