My guy likes me to look at other men (he introduced me to LPSG.) He also likes other guys to look at me. I'm not quite sure what to think about all this myself, but he seems secure in it. Some men are the jealous type. Some men are the opposite.
Similarly, some women would be freaked out by this, some women wouldn't. I think you'd know which "camp" your g-friend was in, looooooong before taking her to a male revue.
And anyway, aren't most of the men there gay anyway?! But what the hell do I know? I've never been to one -- my guy takes me to very different kinds of places for the purpose of display.