Redesign ring with pencil for minor royal (10)
I believe the answer is:
princeling
'minor royal' is the definition.
(I've seen this before)
'redesign ring with pencil' is the wordplay.
'redesign' is an anagram indicator (I've seen 'redesigns' mean this).
'with' is a charade indicator (letters next to each other).
'ring' put after 'pencil' is 'pencilring'.
'pencilring' with letters rearranged gives 'PRINCELING'.
'for' acts as a link.
(Other definitions for princeling that I've seen before include "Minor male royalty" , "Minor royal" .)