AOTW: ?L?I?O

Thank you so much, u/foureyedclyde, for choosing my clue to 27 across.

Let's turn our attention to 5 down. Not many answers will fit, so it may come down to the best variation on a theme. Good luck folks!

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Decision time!

Shortlisted:

Unusually coloured animal seen through special binoculars (6) u/zc_eric

Can oil somehow be used to make permanent magnets? (6) u/Mephistofillies

Nicola misunderstood irony? (6) u/Mephistofillies

Special Mention (for the nostalgia):

Yankovic swinging both ways? No. Edgar Winter, perhaps! (6) u/UsefulEngine1

Winner:

Unusually coloured animal seen through special binoculars (6) u/zc_eric