No.

It is not "a generic insult", it is an adjective meaning "homosexual" (or "happy" or "frivolous"). To use it as an insult is therefore bigoted. I'm sure you're not a bigot, so don't use it so.

English is an amazing language, given as so many words can be used and interpreted. And even change over time. Like it or not the definition of gay is getting an addition and already has. "A generic insult" As I said, like it or not that's the trend of the word has been taking. I don't think there's any going back now, less you want to go back to solely meaning being happy and in good spirits. Such old minds. If people are offended by such remarks I'm sorry for them too assume I give a damn about their sexual orientation.