Praise former lot being set up (5)
I believe the answer is:
extol
'praise' is the definition.
(I know that extol is a more specific form of the action praise)
'former lot being set up' is the wordplay.
'former' becomes 'ex' (prefix meaning former or onetime).
'being set up' shows that the letters should be reversed in order (in a down clue, letters go up).
'lot' reversed gives 'tol'.
'ex'+'tol'='EXTOL'
(Other definitions for extol that I've seen before include "Lift up" , "trumpet" , "Highly rate" , "Pay tribute to" , "Warmly approve of" .)