Surely the important issue is that a religious/political lobby is attempting to impose its beliefs - I would say bigotries - upon Icann, and hence upon the rest of the world.
Apply the Niemöller test on it; substitute a domain suffix that you believe would be valuable for you or the greater good and see if you still agree that a lobby should have the right to try to prevent its adoption. It's not about anybody's opinion of homosexuality - Muslim, Arabian or yours or mine - it's about intolerance.
I object to the use (and consequent apparent claiming) of .gay, since that word has at least two other meanings. Same goes for faggot.
If they must ring-fence themselves, they should propose .homosexual or .woofter. I would still object.
We don't need a .gay to offer "crucial support" and I sincerely doubt that LGF would get any say over who uses the domains.
Be useful for pr0n and finding out who wants to fuck in your local area, which is all fudge packers seem to do these days.