If you look at it from a marketing perspective, it's quite possible (if not probable) that 'Lou' was no one in particular, just a name they decided to use for the product. And by coupling it with 'hit' and the lefty batter baseball graphic on the package, they were purposefully trying to infer to the buying public that this was, in fact, a Lou Gehrig endorsed ice cream.
Similarly, the makers of the Baby Ruth candy bar claimed it was named after President Grover Cleveland's daughter, Ruth, but that was just a laughable argument to avoid paying fees to the Sultan of Swat. Cleveland had been out of office for nearly a quarter of a century by that time and Babe Ruth was becoming a huge star. As they say nowadays, do the math on that one.
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