You don't think it's appropriate for a particular group to take an otherwise incredibly offensive term and turn it around to mean something less derogatory? That seems like a perfectly valid defense mechanism to me. Take it, own it, and you can't be hurt by it. If I call my boyfriend a faggot, it's quite obvious within this context that I am NOT being offensive. Or rather, I am being obviously offensive to the point that it's just simply not.

I, personally, am opposed to revisionism. Let the song rest as it is. It's a fantastic song with good messages. Even if I hated the song, I am sure I would feel similarly about the desire to change it.