I don't know how glaring his homophobia is when he's good friends with Elton John and has said on numerous occasions he doesn't care what a person's sexual orientation is.
Are his lines dated? Perhaps. But he's right, coming up in the battle scene, cracking gay jokes against your opponent was common. Even for me in high school, that was the norm.
Does that make it right? Certainly not. Does that mean anyone who's ever used the f word or made gay jokes wants to beat up homosexuals? Deny them of basic human rights? Absolutely not.
I have never listened to an Eminem song and got the feeling he legit hates homosexuals, transgendered, women, people with disabilities, etc. It's just music.