@Cofty. I would not say you have answered the question clearly at all... for example
By that definition no the Watchtower are not homophobic. Other dictionaries define the word in ways that would encompass the position of the cult. [Cofty]
My point is that characterising the Watchtower as hateful and homophobic seems a bit heavy in comparison. [Cofty]
You even made up a spectrum of homophobia (that does not exist). I think I showed that even the definition of homophobia you used (from ADL) applies to the WBTS because they in some forms 'fear' homosexuals. Again you seem reluctant?
There is no reasonable way to interpret the bible other than a total unequivocal condemnation of gay sex as a sin.
There is no reasonable way to explain the overlapping generations, but that is current theology. It would only take a similar amount of mental gymnastics to reinterpret the bible to better fit today's society.
This page shows some interesting views on the topic from a Christian source. As time moves on and a more liberal generation fills the ranks I am sure views will soften and eventually acceptance will increase. Public condemnation of their homophobic views will play a part in this.
You assume that if the 'new light' came out tomorrow 'accepting homosexuals' they would lose most of their membership. Firstly, I thought that when they redefined the generation in 95... didn't happen. Second of all, a great many members I suspect would just hail the change as further evidence of a loving God that is communicating through the FDS.
Sadly I think the older JWs will have to die out before change can happen. However until then I personally believe continued condemnation of their homophobic views should be called out - as I am sure many JW's find this a worst embarrassing and at best a reason to question their behaviours.