I found your opinions interesting - I've experienced vapidity in the straight and gay male world (I split my social life between the two), and I strongly disagree with your point that straight men are more comfortable with a drag queen than are gay men, whether in face or not. A substantial number of straight men are openly horrible to gay men, regardless of whether fat, thin, queeny, weedy, ugly or "normal looking". Those that are nice to you at your drag show, have chosen to come to your drag show with friendly women, or friendly men, and are going to be nice to the performer. If you wish to make your point - go to a random "white trash" bar in your drag and then return to make the same point.
I agree that there is unnecessary arrogance in the gay world around looks. Straight men have competitions about bedding ugly women, which gay men generally don't. Straight men tend to be more grateful for what they can get than gay men are (and a lot more willing to buy drinks).
I have never heard a gay man say "I thought I was better looking", referring to a 9 when he thought he was a 10. I've heard straight guys say that a lot, and their definition of themselves as a 10, in many cases leaves a great deal to be desired.
Most of the gay men that I interact with are interested in intelligence, communication, common interests, and a sense of humour. Looks will play a part, but I think we are far less likely to settle for lack in the other departments than our straight counterparts.
Matthew