As I recall, the “Green Lantern” is a group of protectors of the universe from all planets, not unlike the Jedi Knights. There have been 3 or 4 different earth-men over the course of the series, owing to mortality, aging, etc. Perhaps the “Gay Lantern” is just this current version, and they can kill him off in a couple years after the Pink Brigade quiets down.
Then again, given the treatment that Ryan Reynolds gave as Hal Jordan in the role...