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The phrase Bish used was probably calling the wind sock a "French Letter", vernacular of the time referring to a condom (packaged in an envelope; the French of course being seen as the home of all things sexual at the time). The similarity between the wind sock and a condom are pretty obvious.
"Ack Emma" stands for "AM"--so it could refer to an Air Mechanic or a.m. in the morning depending on context. "Pip Emma" was p.m. There were phonetic words for each letter of the alphabet, useful when trying to be understood over the relatively poor quality telephones used in the trenches and balloons. Similar systems are still used today by the police and the military.
A "gasper" or "fag" was a cigarette (from "faggot" but referring to the slow-burning log, not a homosexual!). A "Lucifer" was a match from a common brand of the time. While "having the wind up" did indeed mean being frightened, "being windy" meant something else entirely, although pilots suffered from both.
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