The picture of Alexandra Bastedo comes was photographed by John D'Green, and comes from the book "Birds Of Britain". The title of the album was going to be "Smiths In Heat", but as time went on, Morrissey became increasingly unhappy with the title. He wrote to Rough Trade saying "Call me morbid, call me pale, but I'm just not happy with the live LP title, and, trusting it causes little commotion, I newly nominate 'Rank', as in J.Arthur". I agree with the assessment of the word being used as rhyming slang for wank, but I also think there's some dark humour there, the word Rank possibly being used in the sense of 'rotten'.
Peter