I am convinced that Mika's Grace Kelly is a gay anthem

1. Which guy even wants to 'try to be like Grace Kelly'?

2. It's about the colours of the rainbow!

3. Am I too dirty?
Am I too flirty?
Do I like what you like? ('what you like' meaning, other men)

4. So I try a little Freddie
I've gone identity mad!
Refers to queer lead singer of Queen, Freddie Mercury. And perhaps 'identity' refers to sexual identity

5. And the obvious clincher, which proves beyond all doubt that Mika's Grace Kelly is indeed a gay anthem:
Should I bend over?