You have all done a good job of defining the two most well known uses of faggot.
However, a third, which I know of from my extensive band-geek roots, is that 'faggot' is an old name for a bassoon, and actually means 'bassoon' in several languages, to include German
Dude, you have to have like five thumbs to play a faggot.
Ich habe mein faggot spielen.
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