I heard that story on VH-1. Not sure I buy it.
Musicians knew the alternate meaning of AC/DC before most people.
But I think they're the greatest all-around hard rock group ever.
"You Rocked Me All Night Long" and "Big Balls" are perfect songs.
The only gay metal band I can think of is Accept of "Balls to the Wall" fame. At least some of them were gay.
I don't buy it. I think they picked the name because of the different meanings to get a reaction.
For the same reason "Big Balls" was about a "party", "The Jack"(clean version) was about a poker game, and "Given the Dog a bone" was somewhat subtle.