Hopefully a current or recent student will weigh in, but I’m a gay academic who’s been affiliated with a Davidson summer research program for several years and have worked with a fair number of Davidson students.
These days most top colleges, including Davidson, are pretty queer-friendly, so I wouldn’t worry about finding acceptance. The bigger issue is that Davidson is a fairly small college with a correspondingly tiny dating pool for LGB students (especially gay men). Its proximity to Charlotte and other colleges helps a bit, but you’re not going to find the same vibrant LGB community that you would at LACs like Vassar or Oberlin or larger colleges like Penn and Michigan.