This is well after my high school days, but there were similar goings on at my high school, right down to pet names like the “Waldos” because they hung out at a wall.
We had “Roaders” because we hung out at a cul-de-sac everyone called “the end of the road.”
In-group slang was basically an art form with the kids I knew. I suspect it’s still the same for teenagers everywhere. We had tons of pet names and expressions. Our reference to weed was “poetry” because of Alan Ginsburg’s famous “Pot is fun” saying. He was a poet, so pot became “poetry.”
The Roaders often studied poetry after school, but none of us knew The Dead, so none of it caught on elsewhere.