I'm not sure why it'd be an issue for a current PL player to come out. Society has moved on so much, and while there'll always be a few knuckle draggers with something to say, your average / normal fan won't give a monkeys.
On topic, Fashanu's treatment was typical of the time, but his suicide an indictment of that time. He was a great player and doing something to remember him is well deserved.