There’s always Skeletor and Beastman (links to youtube).
I have a Jane Austen action figure (with quill pen!!!); spinster aunt was not a role many women adopted for no reason in those days.
What’s wrong with one of these?
Nobody asked and nobody told. That’s all I’m saying.
But you notice how they always made sure to point out that he was 12 inches?
Wasn’t there a gay porn star action figure a few years back? googles
Yes, yes there was. The “Jeff Stryker Action Figure”. With posable penis, no less.
And no way am I including a link. NSFW, indeed.
Pulsar was 14 inches of fun.
There’s a Susan Ivanova action figure; the character was fairly implicitly (if not outright explicitly) bisexual.
Jadzia Dax (or any of the Daxes, really), although primarily heterosexual in whatever her current host body, could be at least incidentally homosexual. “Pansexual” would probably apply better, here…
Well, hot damn! While looking for any figures of the DS9 “Mirror Universe” Intendant Kira (an example of your typical “depraved bisexual” trope), I stumbled across…The gallery of gay action figures. (Several of whom, it should be noted, are only bisexual…so that’s like, half-gay, to be more accurate, I guess.)
The Intendant’s indeed there…as are Northstar and Patty Bouvier. Forgot about them.
Well, all in all, this tears it for me…if and when I ever create a work of ficture popular enough to have an action figure series made from it, I’ll be sure to make who happens to be gay, but who also happens to be so awesome that that you can’t not make a kickass action figure out of him. Like a twenty (scale) foot biomechanical monstrosity who eats souls, has crazy chainsaw hands, and one of those mirror “hologram” things for a head. 
Don’t forget theBillydoll!
His entry informed me of the existence of Gay Bob
Re Tom O Finland
For those who don’t know, he was an artist who loved to draw buff, hung men having sex. The Billy doll actually looked to be inspired by his work. But I know of no official Finland action figures or dolls. If they exist, they’d make great gifts for some friends (honest to G-d, my friends. not me. I <3 teh boobies!).
Just thought of another one
Flatman of the Great Lakes Avengers is gay. In the GLX special, there was a paper doll of him. Normally, a flat doll without defined joints would not count as an action figure. However, Flatman is flat without defined joints so it’s kind of a tough call.