The story
Probably a humorous elaboration of see you or see you later (“a phrase used at parting, and not necessarily implying that the person being addressed will be seen later by the speaker”). The funny papers are the pages of a newspaper containing comic strips; the implication appears to be that the person addressed will do something ludicrous which will end up featured in a comic strip.
Etymology from Wiktionary, CC BY-SA 4.0.