Tim refers to Peaches, the character played by Kathie Browne, as a "peeler," which both the show's creators and the network censors undoubtedly believed was a less suggestive term than "stripper."
The title comes from the expression: "A Loaf of Bread, a Jug of Wine, and Thou" from The Rubáiyát of Omar Khayyám.
Uncle Martin (Ray Walston) asks Tim (Bill Bixby) if he has any torn T-shirts he can borrow so he can feel earthy. Bill Bixby would have plenty of them later when he starred in The Incredible Hulk.