This gem was uttered at school by a teacher discussing an administrative initiative. It is a mash up of “go over like a lead balloon” (to fail completely) and “dropped (someone or something) like a hot potato” (disassociate instantly). This malaphor might be describing both phrases together to illustrate staying away from a failure. Maybe the speaker is from Long Island, where residues of arsenic and lead were found in potatoes. http://www.sciencedirect.com/science/article/pii/004565359400410V
A big thanks to Ann Lynn for hearing this one and sending it in!