Green’s Dictionary of Slang

extremely elegant (usu. used ironically or deprecatingly); also as n. (see cite 1964).

1949		‘Swasarnt Nerf’ Gaedicker’s Sodom-on-the-Hudson 12: At not too great a distance, we find a cluster of piss-elegant places.
1959		W. Burroughs Naked Lunch (1968) 149: He is the most piss elegant fag of them all.
1962		F. Norman Guntz 99: A bunch of piss-elegant queens arrived.
1964		Homosexuality & Citizenship in Florida 26: Glossary of Homosexual Terms [...] piss elegant: A homosexual who brags or is outwardly conceited.
1970		J.P. Stanley ‘Homosexual Sl.’ in AS XLV:1/2 58: piss-elegant adj Pretentious, ostentatious, egotistical (used with reference to male homosexuals).
1984		Flame : a Life on the Game 127: Piss-elegant, boring queens. Most of them were really dull.
1992		Daring Hearts: Lesbian and Gay lives of 50s and 60s Brighton n.p. I would be invited to cocktail parties, which isn’t my thing. Gay males, rich, living in swanky, elegant – piss elegant – places, ghastly taste, actually, to my mind, with the interior decorator boyfriend.
2002		Observer Rev. 16 June n.p.: He frequented gay clubs when he first arrived in London from South Africa, but didn’t like them much, although he did find the Rockingham ‘piss-elegant’.
2005		Guardian G2 10 May 7: That sounds sound piss-elegant to me.