I'm genuinely surprised to learn that it is still broadcast uncensored on the radio.
There is absolutely an argument for restricting the broadcast of the original. Thanks to Twitter, we now have to be 100% for or against something but this is a classic example of where a mature approach is required.
No-one is asking for the tapes to be burned or permanently hacked, rather than broadcasters use a version that doesn't include a slur. You'll still have the original should you want it but you shouldn't have to deal with it on a long car journey or in the supermarket for the whole of December.
Also, no-one is calling McGowan or MacColl or any Pogue a homophobe. It's fiction, reportage, a well-observed conversation between two people who have fallen out of love and whose dreams have died. If it had been a short play, no-one would be calling for it to be banned. But also, no-one would be saying "No, it shouldn't be banned, in fact, we're going to perform it unedited on BBC 1 on Christmas Day at 8pm".