Hmm, would any of these lead to more immediate understanding and laughter?
Der Wurstsetzwerfer
Das Fleischgeschützer
Der Wurstbeschleuniger
Der Wurstsetzwerfer
Das Fleischgeschützer
Der Wurstbeschleuniger
But from your suggestions, "Wurstbeschleuniger" is very clever, "Wurstsatzwerfer" sounds a bit technical, "Fleischgeschütz" is um... how a german redditor might call his best piece.
Does Wurstsatzwerfer sound to you like a pun on Ersatz + Werfer? I guess that might not work, and also isn't as funny in German. In English, the borrowed word "ersatz" brings a connotation of cheapness or fakeness.
Both -satz (in the sense of set, kit or bank) and -werfer are technical terms often used for modern military equipment, so the word sounded a bit too "real" for me.
But that might just be different tastes.
"Wurstbeschleuniger" would work well, if you're ok with going scientific instead of military.