OK - let's cut to the chase!
Partridge in his Dictionary of Historical Slang has
twang To coït with (a woman): cant : C. 17-18
So a word from the criminal underworld. He makes no attempt at derivation.
He also has
twang(e)y. A tailor: North Country: ca. 1780-1850.
This tailor sense was mentioned earlier in the thread.
Regards