I'd never considered Walter the Softy as homophobic (although there are clearly elements of it in hindsight), but it did fall into the category of it being ok to bully anyone who was considered in any way nerdy, gentle, or generally not a cunt.
That said, from memory, Walter and his Chums got their revenge on Dennis about as often as the other way around, so it was pitched as a somewhat even fight.
In regards to the the racism in the opening comics, as someone who grew up on Disney films like
this, I'm not even the tiniest bit surprised.