**** is a horribly ugly word, and to pretend like its serious connotations don't exist because 'the community' agrees its use is acceptable is completely irresponsible -- you're passing on the blame so you don't have to hold yourself accountable for YOUR actions. To argue that there's no reason to stop saying it because other communities may not follow suit is guilty of the same crime. No sort positive change would ever occur if nobody took the leadership role.
The same is true of the word 'gay'. Someone in this thread suggested that people should just "forget" about the actual meaning of the word gay and accept it as a generic insult. How is that even possible? The word 'gay' IS THE NAME applied to the "gay community." It's use as an insult is and will continue to be disrespectful and insensitive, and to believe otherwise is a delusion.
Ultimately, it's up to you whether or not you continue to use these words -- but at least take responsibility for it instead blaming someone else or validating it by saying that it shouldn't offend people, it does. You can trivialize this as being "Super-PC" or by claiming that "they're just words," but would you walk up to a member of the "gay community," a **** victim, or an African-American and use the corresponding term, even in jest? Words are never "just words", and their other, generally-understood associations won't just evaporate because you want to add a new, "non-hateful" definition. If that's really your only motivation why not just choose a new word?.
If you want to encourage a growing, friendly, and welcoming scene, then think about how the Smash community would appear to an outsider. Or, how somebody interested in participating might feel alienated if they were in fact gay, etc. and heard these words being tossed around like they're nothing.