No...if it stinks at its core, it's a stinker.
(I find distasteful the need ordinary smucks -- you and me, I presume -- often have to stand above-it-all, learned and sophisticated in our resposes to movies (film, i.e.), so worldly as to be able to overlook, in the higher service of "art," what is repugnant. Spare me.)
It's not meant to be overlooked, it's meant to be dealt with. What you take away from the movie doesn't have to be what the moviemakers wanted you to take away.
If a movie is honest, it will show the cost of repugnant behavior, even if the repugnant protagonist isn't the one who pays. It sounds like that's the case in "Brokeback Mountain."