I doubt he invented it, but he did have a hand in popularizing the move, which explains why some name the move after him (also in part due to him dying).
"The ability to think does not make one intelligent".
If I recall correctly, Spicolli "stole" the move from Dreamer as part of his phony "innovator of violence" gimmick (and feud with Dreamer) - but then he had to go and die, so Dreamer completely forgot that he had ever hated him and created the tribute.
So to answer your question, no. As the storyline went, Spicolli lifted the DVD, so somebody else had to use it first, so there's no way he could be considered the innovator of the move.
The easy answer is: I'm sure someone in Japan did it first.
That applies to 95 % of all cool moves that haven't been around since the 1950s.
"The best reason for committing loathsome & detestable acts -and let's face it, I am considerably something of an expert in the field - is purely for their own sake. Monetary gain is all very well, but it dilutes the tastes of wickedness to a lower level that is obtainable by anyone will an overdeveloped sense of avarice. True and baseless evil is as rare as the purest good - and we all know how rare THAT is." - Acheron Hades, THE EYRE AFFAIR by Jaspar Fforde
And today, while watching RAW, I entertained myself with thoughts of du posting, "The Genetic Freak vs. the Genetic Revolution!! Think of it!" Here's to you, sir.