Would this be misused? Yes. Heck, the very concept was used as a plot device in the X-men movies regarding "curing" mutation. It's not new. Parents, governments, people who just aren't informed... it'd happen. The moral question is also there that so many people are decrying "There's nothing wrong with being gay!" Well, no there isn't. But isn't it okay to not want to be gay? Yes! Life can be difficult, and being different isn't easy. Not everyone comes to terms with themselves. For example, what would this do to the suicide rates attributed to sexuality?
For myself? Well, no. Not as a kid, not as a teen, not as an adult. I'm bisexual, and I've never been torn up over it, though I've been with a man for 17 years. Of course, I wasn't open about liking women as well until I became an adult, and even then I've faced idiocy in my family and even some strangers based on their misapprehension of my relationship with my best friend. If I faced something more than just nasty words and looks, I might have a far different answer, which btw, was exactly what zaf said, "Hell no!"