I think girlie Jacqueline wasn't the real Jake. She dressed up like that to make Monica happy, and to make Hamilton happy during their date. The closest we've seen of the real Jake was probably in WBSHM.
I think that, if the show had run longer than 8 episodes, there would have been some questioning of their sexual identities. I agree that they would have come out eventually, and this would have just confused Hamilton again. As much as he loved Jake, I don't think he could have not cared about pretending to be gay while he was, in fact, straight.