I always figured it was because a "ray" is a small concentration of light, and "squit," while not technically a word, also seems to indicate a small concentration of something, just by the sound of it. Other than that, I haven't a clue.
Useless Fact: in the A! Series Bible, the Goodfeathers' names are Frankie, Joey Z, and Gary. Those would *REALLY* have had people scratching their heads.
Take no guff, 'cause they're tough, strut their stuff, no cream puffs...