That said, though, I adore Dr. Frank-N-Furter from Rocky Horror and Jareth the Goblin King from Labyrinth
If you want other examples of effeminate characters handled well, I have two, if you aren't already familiar with them.
If I'm not mistaken, Moorcock initially conceived of him as a part of a thought experiment. What if the Anti-Conan.
There's a whole lot of fucked up shit swirling around him and his backstory, which muddy the waters on a lot of issues, but I think it is pretty clear that he is meant to be, if nothing else, an effeminate male. It's established pretty well that he was effeminate even before said fucked up shit happened to him.
He's not demonized for it, but it's not glorified in the way it is with Elric, though glorified may not be the right word for it. I mean the way commentary will treat him...
The result was a bold and unique hero, weak in the body, subtle in the mind, dependent on drugs for the vitality to sustain himself, with great crimes behind him and a greater destiny ahead: a rock-and-roll anti-hero who would channel all the violent excesses of the sixties into one enduring archetype
Nobody is gonna write that way about Eli.
The fact that he is effeminate is sort of just a thing that's there. While Eli has certain "pathetic" traits, they operate independently of his being effeminate. It's more the outcome of the circumstances of his life. It's observed that his mother looked very much like a middle aged version of him. That is to say, he would have simply been an effeminate peasant had his life gone on unchanged.
Both are better ways of handling effeminate men, I think, than the usual fare. Moorcock's effeminate action hero and Lindqvist's pathetic vampire who happens to be effeminate.