Reckless old ruler wants some bacon (6)

I believe the answer is:

rasher

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'some bacon' is the definition.
(I've seen this before)

'reckless old ruler' is the wordplay.
'reckless' becomes 'rash' (synonyms).
'old ruler' becomes 'er' (abbreviation for Elizabeth Regina. I am not sure about the 'old' bit.).
'rash'+'er'='RASHER'

'wants' is the link.

Can you help me to learn more?

(Other definitions for rasher that I've seen before include "Sliver of bacon" , "type of food" , "a little streaky?" , "More wildly adventurous" , "Comparatively ill-advised" .)

I've seen this clue in The Sun.

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