You can't ban the word gay, the definition of gay is happy
Just because gay is used to refer to homosexuals doesn't change the original definition. Furthermore, derogatory comments are the concern of filters, homosexual can be used in a derogatory notation, but it is a legitimate word, just like calling someone a Jew.
There is already a function for you to overcome all the High School, D&D, moronic, homosexual and every other form of derogatory comment, Ignore. If your in a party with someone and they start talking like that then leave, if your truly convicted about it, otherwise deal with it. If your in town and you see someone spaming some ignorant BS then simply Black List them. Hell, I don't even read that shit unless I'm looking for something anyways (my minds always entertaining perverted thoughts on the side). This may be a game but the population is still composed of the same idiotic, mentaly and verbaly deficient, immature, and ignorat Humans that you work, cross and hate in real life. If you can't overcome the interaction of other Humans (which are going to be mostly idiots) then you are destined for solo play..... console anyone?