simply, this phrase is a "nice" way to tell someone to take a flying fuck to a rolling donut, take a flying fuck, go fuck yourself, get lost, kiss off, go suck an egg, go fly a kite, etc.
Its stupid, no normal people say this, its laughable at best, not insulting at all. Nerds of the fifties and 60s said it. Watch twilight zone, u will hear it in damn near every episode. Only they say to leap at the moon.