I don't think that would make you any more "gay" than if you jerk off. There are probably other issues associated with sucking your own penis, but I fail to see how it is anything more than another form of masterbation.
And that's the TRUTH! Sure would save money on dating and a change from the usual five finger exercise.....most women don't know how to give a good BJ anyway.....if they knew how it felt they would have better technique...