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Now just let me savour the thought...... & no !, but it does create a wonderful image ! The very idea of Margaret Thatcher kicking Rod Stewart in the head

The Maggie in Maggie May is Maggie Bell I think because on his album "Every Picture Tells a Story" the singer for some of the songs in the background is Maggie Bell and I find it too much of a coincidence that her name is Maggie and he wrote a song about the first time he slept with a girl named Maggie so I'm pretty sure its Maggie Bell.

I would like to revise my last answer by saying that Rod's first shag was with some lady at a fair in Spain according to this vid on YouTube where Andrew Denton interviewed him. He might have slept with Maggie Bell, but it wasnt his first time. Also Maggie May was just a name that was the name of some famous prostitute similar to the song Roxanne by Sting and the Police.

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Q: Any truth to Rod Stewart's rework of Maggie May was about mid-1960's affair with Margaret Thatcher?
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