Hardly. The Protestant Reformation sought to restore the Scriptures, saving them from the "traditions of men." Sola Scriptura.
The "New Gay Theology" is a return to the traditions of men, in this case queer folk, who "professing to be wise, they became fools, exchanging the glory of the incorruptible God for an image in the form of corruptible man..." (Romans 1:23ff)... "...God gave them over to degrading passions; for their women exchanged the natural function for the unnatural, and ... men abandoned the natural function of the woman and burned in their desire toward one another...' (Romans 1:26ff).
Not all "reformers" are correct. The Bible is the standard against which all private interpretations must be judged.
10,000 denominations? Care to name them?