One of the networks--I forget which one--tried this a few ago. It didn't work out. One problem was that some of the contenders were hooking up with each other.
Why am I not surprised?
Just because one takes a "straight" show and makes it "gay", that doesn't mean it will also be a hit. Logo tried that not long ago with 'The A List'. One critic described the show as "like 'Real Housewives', but with balls."
There were two shows. A List New York and A List Dallas. The only person on the show who was a celebrity of any sort (perhaps a z-list at best) was Reichen (Rye-ken) Lehmkuhl. At that time he was best known for being part of the first gay couple to win The Amazing Race 4 with partner Chip Arndt, and then for being Lance Bass' boyfriend after Lance came out.
Both NY and Dallas versions of the show lasted 2 seasons before being cancelled due to low ratings.