OK here's how old I am. I remember the original and didn't even know there was an edited version. When the song first came out there was no sense that Mark Knopfler was being homophobic. He was describing a hypothetical conversation between two dumb, uneducated, stoned, probably homophobic, furniture movers bitching about how hard they had to work for their money while the "faggots" making music videos had it so easy. Wah. But yeah I can see how that wouldn't fly today.
Just about a week ago I was watching a documentary about Lou Reed. They had interviews with the original Jackie, Sugar Plum Fairy, Candi, etc. It was wild. Anyway Lou himself said that the reason Wild Side got past the censors was because the old farts didn't even know what "giving head" meant. Nor did they know anything about the trans culture, so the whole notion of "he was a she" didn't even compute. So they let it ride. I mean hey, it's not like he was singing, "LET'S SPEND THE NIGHT TOGETHER", or "GIRL WE COULDN'T GET MUCH HIGHER". Now, THAT was offensive and not to be allowed.