Yes, it looks like a goodbye-wish(/-salute). First I thought it would come from the musical or movie 'Grease'. Something like 'Love and Peace!', but 'Grease' shows the situation in the 1950s. Not a time for Love and Peace, yet... http://www.greaseweb.com/ More recent, there's a song by BT (Brian Transeau): 'Love, Peace and Grease' (1997) http://www.btmusic.com/ Maybe because 'grease' rhymes on 'peace'.

Never, never heard that. ;D

love peace and hair grease another way of saying 'bye'