I'd say there'd be more point to this if it were codified as "gay panic" somewhere, but from what I've seen it's just a descriptive label put on certain defense strategies in court; it's not like anyone says "we invoke gay panic rights!" or somesuch.
And I'm not sure how much that matters, but it seems the strategy had rather mixed success even during times when courts were incredibly homophobic, and also it seems more of an issue for gay men, not so much lesbians.
So, yeah. But in general I'm not a big fan of lingual censorship. Language is so contextual; and it should be primarily judged by the context it's used in, not so much with just a banhammer on anything that's ever been misused by somebody. But of course I can also understand that if for example you were personally a victim of such a thing you wouldn't find it very funny to see it all the time again ...