Yes. I'm pretty sure he wasn't implying homosexuality, but talking about general partying and gallivanting around, promiscuity, etc. I don't think "gay" came to mostly mean homosexual until later in the 20th century. I believe Everett is just telling him he doesn't want to hear him bragging about his immoral lifestyle or gossiping about someone else's. There were a lot of prudes back then. That's my take, anyways...

I know a guy who addresses his wife as Woman. It started as a joke and stuck. She loves it. When he needs to get her attention in a public place he just shouts, "Woman!" and she cheerfully responds. It gets great reactions from people who don't know.

I've heard it as late as the 2000s from boomers, so it's not completely died out. Shit I've known people who aren't Mike pence that called their spouse "mother" and "father", though that's usually only silent and greatest generation, so that's largely gone.