CaptCleghorn: If it were just Molly Maynne, you might have a point. But that's not the case. From at least his third-ever story, Alan Scott was presented as being flagrantly, even aggressively heterosexual. He letched after Irene Miller even before they were coworkers, ending their first extended encounter with a blatant pass. He kissed her on several occasions, both in and out of costume. And both during and after Irene, he had an eye for pretty girls (sometimes to her annoyance). His marriage to Molly was absolutely NOT one of "convenience and image" - there are many many published issues, starting with Infinity Inc Annual 1 and running through both Green Lantern Corps Quarterly and Justice Society of America (the aborted 1992 run) and elswewhere, to show that it was based on deep and genuine mutual love.
The only hook DC has ever had to LGTBQ Alan is the opening sequence to his origin story - which has been repeated several times with never, ever a hint that there was anything more to it than a couple of business partners who were also good friends. Tynion deserves to be smacked upside the head with a copy of Atlas Shrugged, and then forced to read the chapter where Dagny, Hank et al participate in the first test run on the John Galt Line. You see, that's what that was all about - Being There on a momentous occasion. BUT - we've gotten so far away from those days that nobody can imagine any longer why a white-collar guy (civil engineering was and is a white-collar profession) would want to "get his hands dirty" (Tynion very stupidly Lampshaded that WILDLY ANACHRONISTIC attitude).
Now, I like the idea of having a closeted Golden Age JSA member - but it shouldn't be Alan Scott! It doesn't fit him, it doesn't work, it would be a travesty on the order of Green Lantern: Evil's Might, where Alan's name was slapped onto a character who had to have been based on Guy Gardner at his worst. (The "Earth-2" situation was actually rather similar - a character with the same name who was otherwise a blank slate DC could write whatever it chose on. Even then, they finked out on any further delvings into the character's private life.)
It's either-or: either DC ERASES 80 years of Alan's history to please a small minority of SJWs, or it quietly moves its attention to someone more suitable. The only way they can have it both ways is if Alan is mostly straight and Jimmy was an "If It's You It's OK" exception. But then they wouldn't have what they claim they want, an opportunity to explore a closeted gay hero in the 1940s - because that's not what he would be. He'd be a mostly-straight man with one episode he just doesn't talk about.
So, who would be a better choice? My personal preference would be for Charles McNider (the original Dr. Mid-Nite). If DC wants him still around to provide social commentary, all they have to do is retcon out that very minor aspect of Zero Hour. He's been "under suspicion", if you like, longer than Element Lad, and with rather more reason. No known wife, no known children, not even a proper (i.e. well and truly kissed) girlfriend, little or nothing known about his private life, and occasional (very rare) hints that he wasn't quite 102% het (vs a couple of stories that attempted to "straight-wash" him).
The original Mr. Terrific (Terry Sloane) is another, if very minor, possibility - that beeswax in his origin story about his contemplating suicide because he had nothing left to achieve sounds like an alibi covering...what? If he's been absent too long - that's what retcons are for.
It's even possible to make a case for Hourman (Rex Tyler) as a self-hating bisexual, who was afraid that his son might have inherited his "problem". (Rex, last I heard, was still around, having been bailed out of Zero Hour by Tyler-droid.)
Any of the above, or any of several other possibilities, would be far more malleable to DC's desires than a man with an 80-year history of being 102% straight in the shade and then some.