The most common and most likely answer to this crossword clue is the 10 plus 4 letter word BORDERLINE CASE
B
O
R
D
E
R
L
I
N
E
C
A
S
E
Buddy explains!
The straight part
We know that "touch-and-go" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case touch-and-go = borderline case.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.