Spinning last of lace before long rope (5)
I believe the answer is:
noose
'rope' is the definition.
(noose is a kind of rope)
'spinning last of lace before long' is the wordplay.
'spinning' shows that the letters should be reversed in order.
'last of' suggests the final letters.
'before long' becomes 'soon' (synonyms).
The final letter of 'lace' is 'e'.
'e'+'soon'='esoon'
'esoon' back-to-front is 'NOOSE'.
(Other definitions for noose that I've seen before include "Hangman's rope" , "head could go in it" , "Loop at the end of a rope" , "Loop in a rope made with a slip knot" , "Bond" .)