The title refers to both the double zero designation of the movie spy James Bond, and Jethro's use of the term naught for the number zero.
Mabel Slocum gives her measurements as 36-23-36. According to Playboy, when she was a Playmate, her measurements were 34B-24-34.
In the James Bond lore the double zero (or naught as Jethro says) is a designation giving that agent license to kill.
The movie that Jethro is referring to is "GOLDFINGER" where a girl is painted gold and left in James Bond's bed and the character that throws his hat as a weapon is called 'Odd Job'.
This is the second time Drysdale tried to win a beauty contest by entering Elly May, pretending she was an employee of the bank. The previous attempt was in "The Race For Queen" (S2/E19).