I recently heard that at Queen concerts in the US, people would throw shavers on stage to pressure Freddy Mercury into shaving off his mustache, because they thought it looked gay. Was that really a thing? Did a lot of gay men have mustaches and did straight men avoid them?
I'm not saying it's not true, but I haven't heard of shavers being thrown onto the stage at Queen concerts. As to the question about moustaches, I would say they come and go according to trends. They were very popular in the 1970's and 1980's (for gay and straight men) and then went out of vogue. Now they seem to be coming back again. As I recall, Freddie Mercury had a moustache during the 1980's when many other men also had a moustache. He shaved it off towards the end of his life in 1991. A moustache doesn't tell us anything about a guys sexuality or sexual preference and I don't think it did in the past. The only thing that might be relevant is to say that members of the Bear community have always tended towards facial hair.
I do recall that style of mustache was at least associated with gay men in the 80s in the US, but I'm not sure how strongly or how accurate it really was.
An awful lot of men had moustaches in the 70s and 80s. Most of them were straight. I haven't run across any references to a particular type of moustache indicating one is gay. I suspect this is somebody's conjecture based on a small sample size or something like that.