I can see the anti-homosexual mataphor in there but I don't think it's specifically
a metaphor about that but more about simply outcasting people for "being different" period.
I mean I was outcast in school, not allowed by to the cool kids to play with them and all that simply because I was smart and wore glasses. So I saw a lot of myself in Rudolph.
So it's not a metaphor about homosexuality so much as it's a metaphor for "don't out cast people who're different because you never know what they are capable of."
find it interesting his peers didn't like Rudolph until they were shown Rudolph could do something for them. So it was less, "hey, Rudolph is a good guy and we should feel bad for outcasting him!" and more "hey this freak can do things for us!"
And why were Santa's reindeer such dicks anyway?