To me having a LGBT guild sounds like self imposed segregation which to me is worse then having someone else forcefully segregate you. If you are in a Guild that allows members to make degrading comments about race, nationality, religion, sex, sexuality or anything else that can be hurtful then it is not a Guild worth being in.
As a GM I do my best to be fair about everything. I do not allow political or religious debate in Guild Chat because they are hot topics and someone is bound to take offense. I know we have members of the LBGT community in my Guild and I treat them like everyone else and they can abide by the same rules. If they wish to talk about there significant other they can share if they wish I will not allow judgement from anyone in the Guild because of it. I talk about my husband and son and would not deny them the right to talk about there loved ones.
I had one guy who tried to make commits about there being too many lesbians in the Guild and I booted him as soon as I found out. I would do the same if someone made any form of derogatory commits about anyone in the Guild. My Guild is a happy place and drama is not allowed.