A good cover on Batman 76 (April/May 1953).
Hamilton, Schwartz and Paris spin this tale about a Danger Club, made up of members who risk their lives frequently. One of them spends too much money on gay parties. That’s what it says.
The members start getting killed off, and Batman knows it’s not accidental.
Sure enough, it’s gay parties guy, and he talks about them again in his confession. Putting the modern meaning of the word onto it makes even more sense, with his fear of being exposed.
The same creative team provide the Penguin story in the issue, in which he claims to have found birds considered fictional.
Batman reveal all of them to be mechanized, but there are still plenty of great visuals along the way, although the Phoenix looks like a dragon.
There is a Penguin tale from the 70s that I think was inspired by this one.