Being gay is not a sin, for one thing; it is a process in which your mental state is geared towards same sex attraction, and nothing more. Now, I may not be a seriously religious person, but I do understand that many religions see being a homosexual or bisexual as a "crime against our Lord and savior, Jesus Christ" or in a more blunt manner, God. Well, I'm telling you do not worry about that. God created everything, did He not? So, essentially, why would He create homosexuality simply to denounce it as sacrilege? One might say it was the doing of Lucifer, or Satan; but do the angels do these things? Not to my knowledge, they are merely messengers and warriors of God.
I could go on and on, but I think it would simply be too much.
I wish to assist in spreading of the ideal that being a homosexual is in no way a sin (despite the fact I'm so straight I make a ruler look round), no matter what priest or Pope declares it so. Your first theory, in all cases, I would say is correct, for the most part, in accordance to the belief you hold; regardless of it being Catholicism or Christianty or any other of the denominations. Pardon if this comes off the wrong way, but it is simply how I see it.
And recall, no matter which religion you follow, they are all conjectures as to the design we are all playing in. So many different ideas, denominations and personal offshoots; it's hard to call any one idea a fact. Ever played the game telephone? Say one thing at one end of a line and the pass it along? That is what history can certainly be, at times; a game of telephone. Because by the end, it can be interpreted differently than it was at the start. So, hell? Put it out of your mind and live your life how you find yourself happiest; dwelling on consequences for things as harmless as this will only condemn you to other forms of hell. But for sake of belief, I say that, no, homosexuals do
not go to hell; what supposedly benevolent being would banish for the luck of the draw? You can't help you have your interests, so why be condemned to eternal torment for them? God is a friend, Jesus is a friend; he will accept you as long as you accept Him, and Jesus shall as well.
I hope that does quell your lamenting, fear or worry; whichever it may be. And I also hope your curiosity is satisfied. Hope you come to a decision that makes you happy, Kevy. ^.=.^