To be honest, if I needed the money, then yeah I would.
I'm not all that sure it'd be unethical, considering that it isn't really fair just to give a scholarship to people declared as gay and not have a random lottery-esq system for everyone regardless of orientation.
Yeah, why not? Although, the article is talking about asking students their sexual orientation AFTER they've been admitted. Only a private college has had a diversity scholarship and considering it's private, what's the problem? Diversity is something appealing to companies, it helps them hence why they constantly play on it on their websites. As long as diversity isn't being used over academics, there's no problem.
Yep. How exactly are they going to tell if you are gay or not?
Regardless though. It's a completely ridiculous idea. There's no such thing as positive discrimination. To treat one group of people favourably by definition means treating another group less favourably.