I met a preacher, he want to be sinisterSinister is only a letter different from minister, which is an-other word for preacher.
I think there's also something to be said about that similarity between sinister and minister (differing only by one letter) and how a preacher's wanting to be sinister sort of makes him ineligible of being a minister (or at least a good one). It's as if that one quality is the thing that invalidates him and changes the M to an S. I'm not quite sure if that's a valid point in the context of the rest of the song though.