Hot for Teacher Lyrics

Lyric discussion by Pippin the Mercury 

Cover art for Hot for Teacher lyrics by Van Halen

When I first heard the song, I thought the part "hey, I brought my pencil! Give me something to write on!" was just supposed to be a kid acting rude (like kids will) to the teacher. Except then I listened to it a second time, and it dawned on me: that was a sexual reference. The "pencil" is a phallic symbol; given this idea, I think we all know what exactly it is he wants to "write on". Does anyone else think I'm correct in this?