The most common and most likely answer to this crossword clue is the 4 plus 3 letter word BUTT END
I've seen this crossword clue in The Guardian
B
U
T
T
E
N
D
More clues leading to the result BUTT END
Buddy explains!
The straight part
We know that "edge of plank" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case edge of plank = butt end.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.