Meaning of "to live one's own bit"

Question

Speaking of Richard Henry Dana, at the end of his study, D. H. Lawrence states:

Dana lived his bit in two years, and drummed out the rest.

Could we say that "lived his bit" is akin to "sow (one's) wild oats"?

lbf · Answer

From the idiom do one's bit  TFD

to make an individual contribution toward an overall effort.

and

bit: small part of something.  TFD

As in:

Dana lived his bit ( the short but most 'contributing' part of his
  life) in two years, and drummed out the rest.

I do not sense sexuality in this sense of the use of 'bit'.

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