The Bush people have had the Party sewn up tighter than a drum for some time. There are very few conservatives left in the Party hierarchy, and Bush is openly casting about for someone to run against Tom Tancredo, the openly anti-immigration policy Colorado congressman.
Far from keeping hands off down-ticket races in Texas, Gov. Bush definitely played favorites and tried to knock off social conservatives from e.g. the state education board. He also was talking to the Log Cabins before the national convention in 2000 -- what about, and why, I don't know. He didn't invite any conservatives to the meeting.
Short answer: Bush himself is doing this, not Racicot or anyone else.
It must be about money and corporate culture and connections.
My own preference would be to connect the gays 100% to the Rat Party and then run against them.