That's an interesting argument. It reminds me of Louis C.K.'s routine about how "no words are bad, but they become bad because people start using them to hurt other people."

http://www.youtube.com/watch?v=Fcja4WFFzDw

It's exciting to think we can take words like "gay," which are used in some contexts to hurt people, and strip away their negative connotations.

Having said that, I don't see any evidence to suggest that the commenter was trying to innovate on the term. He or she should have written, "PAUL GRAHAM IS GAY, WHICH ISN'T TRUE, BUT IF IT WERE TRUE, IT WOULDN'T HAVE ANYTHING TO DO WITH HIS CHARACTER OR VALUE AS A PERSON."

But then again, I guess if you're writing in all caps, you must be very angry and in a hurry. Probably didn't have time to deal with nuances.