Goon loses face dumping 4951 grand fighter (7)

I haven't cracked this one yet — but the brilliant team at Fifteensquared have:

“Spike Milligan”(the principal cast member of the radio programme “The Goon Show”) minus its 1st letter ( loses face ) minus ( dumping ) [ IL(Roman numeral for 49) + LI(Roman numeral for 51) + g(abbrev. for “grand”/a thousand dollars or pounds) ]. Defn: …/soldier armed with a pike.