This is SO misdirected.
Bully says to a smaller kid wearing glasses that gets good grades ... "You little nerd .." SMACK.
--- ordinary bullying, teachers ignore it
Bully says to a fat kid ... "You fat tub of lard .." SMACK.
--- ordinary bullying, teachers ignore it
Bully says to a smaller kid wearing glasses that looks a little effeminate ... "You little fag ..." SMACK
--- HATE CRIME HOMOPHOBIA HATE CRIME HOMOPHOBIA, bully is drawn and quartered.
If it is wrong for one kid to bully another and hit him, it is wrong no matter what he says.
If it is wrong for a bully to say hateful things in an attempt to belittle another kid, it is wrong no matter what hot button he pushes.
Focusing on homosexuality (particularly for kids who probably haven't done anything yet!!) is focusing on the wrong problem. And actually creates resentment against the "protected" homosexuals.
Your kid will either bully or be bullied, or probably both. That's the way large groups of kids work. If the schools don't let kids say 'gay', they will say 'pussy.' If they don't allow 'pussy', the kids will find another way to say the same thing because groups of kids this big produce bullies and victims.
The problem is the way America educates its kids--it's structural. These kinds of problems will not go away as long as the structure doesn't change. That's a big reason we homeschool.