The most common and most likely answer to this crossword clue is the 7 letter word RESHOOT
I've seen this crossword clue in Financial Times
R
E
S
H
O
O
T
Buddy explains!
The straight part
We know that "Take Two at Hollywood" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case take two at hollywood = reshoot.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.
What does RESHOOT mean?
RESHOOT noun- An instance of reshooting.
- To shoot again, especially of video recording.