Could this be the origin of the phrase? The date fits well with the MW entry.

Gorgeous Gussie

In 1949, "Gorgeous" Gussie Moran - who became as famous for her ground-breaking fashions as she was for her tennis acrobatics - made headlines with her hemlines, stunning a crowd at Wimbledon by wearing white lace-fringed panties beneath her skirt.

http://www.petticoated.com/gussie19.htm