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What a completely self-involved, self-blind person! To use a situation he finds awkward (yet flattering) to attack his wife's sense of personal style (which tellingly doesn't complement his).
He's not a latent homosexual, he's a narcissist. Well, he might be a latent homosexual as well, but that's not the primary issue. He's looking for a reason to persuade his wife to be a better ornament at his side.
He's got more motivation for this behavior as a narcissist. From his perspective it's perfectly normal others find him attractive, of either sex; he may even be dressing in this manner to feel that crossing-all-boundaries level of appeal. But socially it's not generally acceptable, so he blames his wife for the same-sex issue (not bringing up that opposite-sex attraction could just as easily be argued, and just as wrongly).
Why, instead of talking about how his wife hasn't left behind her college style, is he not talking about how he's bought into a different sense of style? As if she's less evolved for being less reliant on makeup? Again, unable to see beyond his needs.
So, (a) his wife isn't looking good enough to match his appearance needs and (b) blaming his wife is a cover for bragging about his attractiveness. Sounds like overdetermined behavior stemming from his self-centeredness. Eventually this will become a problem, when his "me trumps thee" attitude crops up in a more serious area.