I dont think so, I just got the special edition dvd's and they (professers and Peter Jackson) said that Tolkein hated allegories especially issues that could relate his stories to todays society. Furthermore, he pined for that chick when he wasnt thinking about frodo, the ring and smeegal!
[Life is Eternity in a nutshell]
Gay? Never. Bisexual? Maybe...
This is a signature.
1) Sam loves Frodo deeply, he's his friend and he has an oath.
2) Remember, hobbits are a different race and culture.
3) If anyone's gay, it's Frodo himself.