No, it's not the most right-on of movies, but it could have been so much worse. Michael Greer fought very hard with the producers and directors to soften the worst edges of stereotyping in Malcolm, and I think he injected a teensy-weensy bit of realism. Greer, who also played Queenie in 'Fortune and Men's Eyes', was, rare for the time, an out gay actor and his honesty and his activism should be acknowledged. Given his talent, he sacrificed a much more lucrative Hollywood career because he wouldn't 'tone it down' (ie. pretend).
Incidentally, Keith Howes 'Broadcasting It' says that this was the first film ever to be turned down by the BBC on the grounds that it was offensive to homosexuals, but no more details than that. Has anyone heard of this, and do they have any idea of when the BBC became so solicitous of our feelings?