Green’s Dictionary of Slang

1. (also phutz) a fool, an unpleasant person.

1935		Bedroom Companion 35: Some crusty old futz who has had too much to drink.
1940		W.R. Burnett High Sierra in Four Novels (1984) 301: All of them members of a generation which was not his own, all thinking probably that he was an old phutz and a has-been.

2. a euph. for fuck n.

1947

B. Schulberg Harder They Fall (1971) 104: Nobody knows what the futz you’re talking’ about.

3. the vagina [? link to pfotz n.].

1941		law report in Schuylkill Register 130: Mr. Edward Lutz testified that the respondent told his wife that ‘she had a pimple in her futz’ and was drunk.
2005		K. Tindall Great Heads 104: He [...] filled his mouth with her big pink aureolae and insinuated the tip of his pud in her futz.