I think I saw it in middle school around the same time as I was into other Troma films like Kabukiman and Poultrygeist. It's pretty much a big gay joke, but never felt uncomfortably homophobic for me, any more than South Park's Big Gay Al or Mr. Show's New San Francisco were. I dunno.
I was ecstatic when I finally found this on the Internet after spending 20 years of remembering something vague about a weird movie about a monster in a closet.
5 for the metallophone (yes I checked, it's neither a xylophone nor a vibraphone) scene at the end of the movie.