It's a classic looking patch at first glance, but like most Ampal designs, there's a bit more to it. The Ampal Creative drew that wiley character in the early 50's style, and the rocket's not Acme. Its signature markings mirror the atomic bomb, Major "King" Kong rides out of the plane in the end of Kubrick's Dr. 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.
The overall design was inspired by a good friend Wills, "Wiley," who's no longer with us. He was truly an adventurous spirit. Their favorite Wiley story is from one of his first extended trips to Bali. He had worked odd jobs in San Diego saving up enough for a long period of shallow reef waves but the lengthy stay was possible only by really bootstrapping it. While he was staying on the Bukit (Bali), he heard Desert Point (Lombok) was going to be firing, but he couldn't afford the ferry to Lombok and then the second boat around the island to DP. So he took his rental moped on the inter-island ferry, slept on the overnight crossing, then fueled by indonesian Red Bulls, he rode his moped 17 hrs. straight on mostly unpaved third world roads with a surfboard on the side rack and gear in a backpack (probably in sandals). But he scored and got really barrelled.
Sometimes the "worst" ideas are the best ideas. Hope you've enjoyed a quick jaunt down the Ampal rabbit hole.