In this context of 1:44 and on, the use of the homophobic slur is directed to the guy with lots of money who wears jewelry and makeup, back then the majority of the population would think you're gay if you did that as a guy. This is used in a homophobic way, however I don't care personally, but he was mocking a "gay person" in the song so -1 on that time. +1 on 0:35
The original doesn't really fit good as an end round song. I love it so much better. But ya know pay tribute somehow.