The most common and most likely answer to this crossword clue is the 4 plus 1 letter word OPIE T
O
P
I
E
T
Buddy explains!
The straight part
We know that "Onomastically, Peter & Iona, eminent leaders, in youth culture" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case onomastically, peter & iona, eminent leaders, in youth culture = opie t.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.