I don't agree. I think it's exactly how it sounds. He knows a guy who he really loves to be with, and with no sexual desire. This is proven with the line "I don't want to go flying my heterosexual kite (the lyric submitter was mistaken with cape)". The kite means that he doesn't care if it sounds like he's in a homosexual relationship with this man, because he's not, and he's not going to write a song or proclaim in some extreme way that he's a heterosexual.
I don't agree. I think it's exactly how it sounds. He knows a guy who he really loves to be with, and with no sexual desire. This is proven with the line "I don't want to go flying my heterosexual kite (the lyric submitter was mistaken with cape)". The kite means that he doesn't care if it sounds like he's in a homosexual relationship with this man, because he's not, and he's not going to write a song or proclaim in some extreme way that he's a heterosexual.