Nah, I'm telling you, that image and original "explanation" came straight from the imagination of an early 19th century occultist and was later expanded upon by Aleister Crowley. The name "Baphomet" was first heard of in the "confessions" of the Knights Templar, but the possible sources for the name are A) Corrupted version of "Mahomet", the Latinised spelling of "Mohammed", B) Derived from the Arabic word
Abufihamat which means "Father of Understanding" or C) Formed by writing backward tem. o. h. p. ab an abbreviation of templi omnium hominum pacis abbas, 'abbot' or 'father of the temple of peace of all men.'
The last explanation was the one given by the guy who drew the original picture.
But however you slice it, it's basically something totally made up and amalgamated from various would-be magician's symbols. It's about as spiritually signifigant as Superman.