The thing is? In the US, I get that it might not go across so well, but in the UK, it's not a derogatory term. A cheap faggot would be poor quality meat. My copy of the Oxford Concise from around the same time has a long list of UK meanings, then at the bottom it has (US, often offensive: male homosexual) as the 6th meaning, there are 5 non-offensive meanings above it (and Oxford lists in usage order).

A cheap lousy faggot is literally, bad quality meat with lice in. I know they were probably playing a double meaning, but it's only very recently that the term has picked up the US meaning over here.

OTOH, I didn't know they'd done a radio edit or different version for ToTP, so thanks for that. Meh, I sleep now. Really.