It was actually frustrating."

"The first AC/DC single on Atlantic – ‘It’s A Long Way To The Top’
(backed with ‘Can I Sit Next To You Girl) – was released the same day.
Radio Luxembourg, then still an influential station despite its famously
unreliable medium-wave signal, made it their ‘hit pick of the week’ and the
band spent their first few days in their new lodgings trying to tune the station in on their newly bought transistor radios. 1. IT was good but not that good,’ recalls Michael Browning, ‘because you’d hear the record come on then halfway through you’d lose signal and it would vanish.’ 2. Used to hearing their music on Australian radio, the novelty quickly wore off. ‘2.IT was actually frustrating."
1. What does IT refer to? To the record or to the fact that the record was on radio
2. I can't get the logic. What was frustrating? That ther track played on the radio? Sounds strange. Thanks a lot.