I found him horribly miscast here. Valmont is supposed to be so good looking that he can have any woman he wants. He's also meant to be skilled in lovemaking and the art of seduction.
Malkovich looks downright ugly in this. And his characterization? He plays it awkward - slouching around in corners, staring up into the womens' faces with a face like a malnourished gutter rat. He played it with all the elegance and sexual subtlety of a junkyard dog.
When they remade this as "Valmont" with Colin Firth - at last it finally made sense that women wanted this character and would ruin their lives to get him.
He may not be handsome in a classic way. still he has snake eyes and worms his way into womens confidence quite well. did he get an oscar for his performance?
I enjoyed him the most in the film and found him no more odd looking than Close. He was not nominated for an Oscar, BAFTA, or GG so people must have had a problem with him that I don't see.
I don't read him as gay in the film at all. I find it interesting that you do.
You need to take into account the culture of the time. This was an age where men were very aware of themselves physically, that they accepted the notion that they could be celebrated beauties just as much as any woman. They were allowed an outlet to show off their bodies, and exhibit their style and taste without anyone questioning their virility.
I believe a great many of today's cultural problems are do to men NOT being allowed to exhibit themselves. Just look at how men, when they get dressed up look like every other man in the room. While the woman can still play act in fancy dress. This repression is the cause of many cultural woes between men and women.