It seems clear to me – based on BR’s testimony and ones from at least half a dozen other people – that in the 1950s in Queens and the near-adjoining parts of Long Island “schlonged” was a known phrase, often used in sports references, and at least from the youthful memories of our witnesses could be used without the users having a strong conscious sense of any sexual meaning behind it. The frequency with which it is remembered as being mainly a sports metaphor is notable.
At the same time, from emails, Facebook discussions and other sources I’ve seen numerous Jews, people with deep familiarity with Yiddish, saying they have never, ever heard the phrase used in this way. And as BR notes – from what seems to be a fairly deep familiarity with Yiddish – it’s possible that it may not even be Yiddish. Or perhaps, more specifically and more likely, it may be a neologism derived from Yiddish by non-Yiddish speakers.