Thanks to Brian Morrisey for sending me the heads up on Saturday Night Live's Weekend Update. This page from Wikipedia tells the whole story and even mentions the ignorant slut line. Wow, the Akroyd/ Curtin Update was way back in '77-'78.
No wonder some of the younger folks never heard of it. Helen, who thought I was being rude by using the phrase for a title, wouldn't have even been born then.