Phantom of the Paradise

The gay character is played for laughs. He is a supposedly butch rock star, but turns out to be exceedingly stereotypical.

Though the characterization is painful by today's standards, any positive spin you could have added 'for it's time' was undone when a man trying to convince the gay guy to stay, called him 'Tinkerbell'

There is also a weird all-female orgy scene that appears to solely be for male viewer titillation.