Splendid, if cheap, shot by Yankee (6)

I believe the answer is:

peachy

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'splendid' is the definition.
Both the definition and answer are adjectives. Maybe you can see an association between them that I don't see?

'cheap shot by yankee' is the wordplay.
'shot' indicates anagramming the letters.
'by' is a charade indicator (letters next to each other).
'yankee' becomes 'Y' (phonetic alphabet: alpha, bravo, charlie etc.).
'cheap' anagrammed gives 'peach'.
'peach'+'y'='PEACHY'

'if' is the link.

Can you help me to learn more?

(Other definitions for peachy that I've seen before include "excellent!" , "Delicious" .)

I've seen this clue in The Guardian.

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