It's a classic looking patch at first glance, but like most Ampal designs, theres a bit more to it. They drew that Wiley character in the early 50s style, and that Rocket's not Acme. Its signature markings mirror the atomic bomb, Major "King" Kong rides out of the plane in the end of Kubrick'sDr. Strangelove: or How I Learned to Stop Worrying and Love the Bomb.
Also, its not misspelled, that's the correct title to the famous Bob Dylan song. Hope you've enjoyed a quick jaunt down the Ampal rabbit hole, there's another deeper personal reference that inspired the design, but that covers all the elements.