It isn't about a female love interest in his version, they took out the verses where it was anything but admiration for a woman, which gay men can have. Whether they should have done that or not is debatable indeed. Frankly I don't find it an issue whether people sing male or female, it depends on the interpretation and the singer's choice.
Most songs are just songs and not actually real life experiences of the singer.
Missing verses:
Ohhhhh (instrumental) Well, she's like honey from a bees
And like bees from a tree,I love her,need her,
She's alright, she's got what it takes
She's got what it takes and to me she really rates
Well, Oh now she's my cutey,my tuttu fruitt,
my heart, my love,my bathin' beauty she's alright,she's
got just what it takes, she's got what it takes and to
me she a- really rates