It's more literally "Iron Bar, Slimy/Slippery", or maybe "Iron Bar Slipping Around" but I went with "Slimy Iron Bar" to make it at least sound natural (and sound more tentacle-y).
Not only is it actually used in-game, it's one of Hokusai's actual pennames - the one he used for his most famous Shunga piece, "The Dream of the Fisherman's Wife".
Though maybe "Slimy Iron Rod" would be better - so sound more 'forceful'.
Yeah, I got no plans to be puttin' out any more books as a circle or anything, see?ServaFes might be over, but we're making a book, right?Hokusai-san!Ia! Ia!Why!?No way....!What's planned for the next "Slimy Iron Bar" book?MRLF!?Abiiiiiin!And teaming up with you in "Slimy Iron Bar" made me so happy, Hokusai-san!HOKUI'm sure that plenty of people are waiting eagerly for a Circle "Slimy Iron Bar" book, make no mistake!Aren't the two of us one in "Slimy Iron Bar"...?Hokusai-san, did you... hate being in "Slimy Iron Bar" with me...?But I... Everything we did as "Slimy Iron Bar" was so much fu-Ia! Ia!