Homeboy means one of the gang, equal member, from the same culture.
Personally I think its borders on blasphamy. Jesus is not just "one of the gang". Nor is He equal with us. He is God.
I tried to equate this with the '70s term "Jesus Freak" but I could not. In that case "Jesus Freak" was an identification with Christ. In this case, Jesus is just one of the gang roaming around which is far from true.
All that really matters however, is what it means to the people who wear the shirt.
The spirit won't be needing our interpretation of what it means.
Satire of the Living God is blasphemy.
Can you imagine Madonna wearing a "Jesus Freak" shirt? Not on your life. But I've already seen photos of her wearing a "...Homeboy" shirt.