Whoops! An actual answer to a thing!
I've wanted to address this for a while. Larry once said that "maybe he's bi" as a result of his interest in Tedd. I considered this in part just a natural and amusing thing for him to say under the circumstances, but it was also meant as a sign that Larry was, deep down, an accepting guy with some bad habits and misconceptions he could grow out of.
What I did not mean to intend that Larry was definitely bi, because I saw his interest in Tedd as being entirely based on thinking of Tedd as feminine. I'm fairly certain he was always intended to lack genuine interest in masculine forms in that way.
(Though, let's be real, memory is tricky, and 2014 was a while ago. I could be misremembering. Naturally, I don't think I am, but again, memory is tricky).
Incidentally, panel three is pretty consistent for Larry, as he was thrilled upon reaching the conclusion that Tedd had an actual "girl mode".