I’ve actually never heard the term fag used to describe a homosexual. I hear it on a daily basis as a word for cigarette.
Yep, I say that. I try not to swear as a general rule although of course I do when the occasion calls for it. So instead of saying I’m absolutely fucked (exhausted) or can’t be fucked doing something, I substitute fagged. Much less offensive and still expressive.
While ‘fag’ for ‘cigarette’ is completely usual in the UK, I’m not so sure about ‘bummed’ - as in to ‘bum a fag’ or ‘bum a ride’. That always sounds slightly archaic (1960’s/70’s) and brings to mind the American ‘bum’ for vagrant - which is never used in the UK.
On the other hand, as a weekend smoker (with smoking disallowed in pubs) I wouldn’t bat an eyelid (and certainly not flutter them) at asking someone if they were ‘coming out for a fag?’.