I suspect it's really just a matter of rhyming. Although a poster on Yahoo Answers quotes History Channel thusly:
It was a term first used in WW II by submariners. The US Navy came up with a sonar recognition device that would help detect underwater mines. A "ping' was sent out and when the noise reached the mine, it would echo back as a bell sound. The sub captain would therefore have to turn the sub immediately (the mine could be detected in 300 yards) or be blown to bits, therefore the term hells bells.
...I still think it's true origin is the fact that it rhymes, if you see what I mean.
♫ ♪ Oh death where is thy sting-a-ling-a-ling ♫ ♪ - nice one, ladyalex!
https://www.youtube.com/watch?v=B-UHaCZSBeM