Yes. I’m pretty sure he wasn’t implying homosexuality, but talking about general partying and gallivanting around, promiscuity, etc. I don’t think “gay” came to mostly mean homosexual until later in the 20th century. I believe Everett is just telling him he doesn’t want to hear him bragging about his immoral lifestyle or gossiping about someone else’s. There were a lot of prudes back then. That’s my take, anyways…