Yes, Peter, as a chastisement of the press it does make perfect sense...I was just puzzled as to why Dylan used so much implied homosexual imagery in it. Most of the lines are double entendres...so the "pencil" is on the one hand just that (a pen or pencil), and on the other hand it's a penis.

Maybe he just found that a handy way to express his contempt for the reporters he was hounded by.

- LH