Now I have another on my list!

[fluter]

Well, I can tell you what the current Tiger Cub handbook says. It has it as an acronym of "WE'll BE LOyal Scouts."

I think the Wolf, Bear, Lion, Scout derivation is true, but it no longer fits. Those were formerly the Cub "ranks" in order, described the progression toward Boy Scouts. I'm pretty sure both this one and the WE'll BE LOyal Scouts were in use circa 1965, and there may have been other overloaded symbols in use.

And JamesA, well done.