For my money, all three explanations are right. The unheard comment/laugh/glance *have* to remain ambiguous, for both dramatic and realist (1913-verse/class paranoia/etc) reasons. In particular, if we knew what Alec was saying, the subsequent blackmail plot would lose its charge (and its own ambiguity).
Perhaps less realistically, I've always liked to imagine that Alec is making a positive/admiring comment about Maurice to the other boy along the lines of 'Mr Hall is hot'. ;)
Here's another explanation, from a (22,000-word, multi-part!) Russian Maurice fanfic I found recently (run through an auto-translator: no, I don't speak/read Russian):
'"Mr Durham is just an awkward penguin," Alec whispered in the ear of his neighbour. Both laughed merrily ... Alec turned to look again at Mr Hall, and was dumbfounded. Maurice's face resembled a mask, his ears were burning, and his fingers almost crumbled the leg-guard he had just taken off. Without looking at anyone, Maurice Hall stood up and walked quickly toward the house. Alec's heart sank. He did not understand." ('Alec', Part 6, by torchinca, at www.diary.ru/~Maurice1987/?tag=3497010&from=40)
NB: www.diary.ru/~Maurice1987 is a Russian-language Maurice fansite. To access the site it's necessary to sign up to www.diary.ru - in Russian - and confirm that you're over 18. (I succeeded with the help of Google Translate!) One of the (many) other Russian fics there imagines that Alec has a sexual history with the boy he hangs out with. Don't say you weren't warned!
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