But now he only drinks in moderation! 
Even though 50+ dopers reported your *post and suggested you be banned for that one, I’ll spare your life since it’s the Season. 
To answer the first question–nope, I’m drinking wine right now, just not trying to multi-task.
While I haven’t had much time to revisit the origins, we certainly have many more tools(online databases +Google Books) than we used to. I’m off Friday. I see a project ahead.
Also from a 1939 Federal Writers Project “Guide to New York City”
For a quick start, here’s one from 1935:
Boston and the Boston legend by Lucius Morris Beebe, Edward Howard Suydam - 1935
And Technology review: Volume 37
Massachusetts Institute of Technology. Association of Class Secretaries, Massachusetts Institute of Technology. Alumni Association, MIT Alumni/ae Association - 1934
That appears to be the earliest of that exact phrase, but it becomes fairly common in the late 1930s.
What seems apparant is that the wording is a later humorous retelling of the actual name.
See Amherst graduates’ quarterly, Volume 17, 1928
Merchandising week: Volume 18 - Page 124 1917 - Full view
And the ur-site for now:
Fifth year record, class of 1906, Princeton university - Page 327
Princeton University. Class of 1906 - 1912 - 357 pages - Full view
Have fun doing some deeper research.