Fair enough. I don't quite see it that way as being hung suggests punishment to me but your "something" could be eligible for such Or I could be reading into it too much. By the way, I had lamb for lunch, a much preferable position although I am not quite sure how it fits in.
I just had a thought, perhaps being hung refers to in the slaughterhouse in which case the expression would probably mean it is better to have experiences before you die than to die without ever having any. Curious, I wonder why this has never occurred to me all these years.