Well, in fact, the old meaning of the word "gay" is "joyful" or "happy", so the homosexual context was not in until 1970 - 80. The word "faggot" appeared later in 1990ies, but essentially in comes from the old English "fagote", where it meant "stick" (genrally, a reference to the size of the penis). Some other words exist, like "sissy" or "queer" or even "johhny" (which is pretty much Aussie). But none of them really derives from homosexual terms, so it's rather the way you use it that counts. However, such words as "homo" or "pederast" are direct meaning of this practice and apply only to people (you can't say that a car is "homo").
So there you have it. Might be a noun vs adjective debate.