Green’s Dictionary of Slang

dingwallace n.

[ety. unknown; ext. of dingus n. (2) but ? wallace]

(US) the penis.

1951

in Randolph & Legman Ozark Folksongs and Folklore (1992) I 202: So out comes a dollar to fill her greasy hand, / Says she, Young man, will your old dingwallace stand?