This isn't a retcon. It is incredibly common for a person in his 30s to be gay and living a heterosexual lifestyle, dating women and denying their actual wants. I have known people like this in my life. It isn't a crazy thought for Bobby to be a gay man who just isn't admitting it to himself, nor is it crazy for him to have been with women in the past. Perhaps Young Bobby's experience living in 2015 America has made it easier for him to accept this about himself at this young age. It isn't erasing any of Old Bobby's past or Young Bobby's future to make it known that he was/is living as a closeted gay man.
Bobby had a story just two or three years ago where his subconscious created duplicate Icemen to protect everyone he had ever loved, and all of them were women. That was his subconscious at work, and you cannot just magically turn your subconscious straight no matter how deep in denial you are. He also had an arc when he was involved with Polaris about feeling inadequate as a result of competing for her affections with Havok. It is a retcon, and the bit about him being in perpetual denial is completely unnecessary, especially when Bobby has known Northstar, Anole, Rictor and Shatterstar for years. It might be incredibly common in certain places, but think of what place Iceman comes from. Is he afraid the X-Men of all people are going to have a problem with him being gay?
Frozen really needs to stop being swept under the carpet, it's without a doubt the best piece of character work Bobby's ever received and was the stand out arc on Liu's run.
But yeah, this is my inherent problem with it. Iceman being 'fully gay' as Jeen tactfully put it kinda shits on his established history and on far better stories than 'My name is Jeen and I respect no ones privacy whatsoever.' Now him being Bi? That I could totally buy and that's something I'd love to see a writer run with.
I'm gonna go ahead and disagree with you for the very simple reason, there is no need to give this Wally West a chance, because he's not Wally West.
Race change for diversity sake is one thing (And not something I endorse), but the fact of the matter is, that the character presented to us in these few issues is very simply not Wally West. Sure you can argue that the fact he was White and Ginger was not part of his definitive make-up as a Character, but he's not some law breaking, cliched disrespectful punk as has been presented. Wally West was a Middle Class-Mid West kinda guy, a paragon, and he loved being the Flash and everything it stood for. He was light hearted, and sure impatient at times, but undoubtedly selfless.
This 'Wally' doesn't seem like any of those things, and so whilst I'll read on, just to see home much more they're gonna mutilate him, I still don't see the point of him having to be 'Wally West'.