The most common and most likely answer to this crossword clue is the 7 plus 5 letter word COSTUME DRAMA
I've seen this crossword clue in The Times
C
O
S
T
U
M
E
D
R
A
M
A
Buddy explains!
The straight part
We know that "historical play" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case historical play = costume drama.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.