Wow, I wish! How awesome would it be to play a character that looked like Freddie Mercury, or maybe Stephen Fry, or even Neil Patrick Harris! That would be frickin' sweet!
No, Blood Elf males don't look gay, because such a thing simply doesn't exist. Even the sterotypical "gay" look I imagine you are talking about is as diverse as you can get. If anything, I'd say Blizzard told their artists to go with "anime meets arrogant" for the Blood Elf Males.
Heck, if any race looks gay in WoW, it's the Dwarves. Such majestic little "bears" they are!