There's been a lot written on the recent bullying-related suicides. I found this piece by Rabbi Victor Appell, "If Only Tyler Clementi Had Been to a Gay Synagogue," particularly moving. Too often religion and LGBT rights are set up as opposites; Appell shows us how they don't have to be, and how "coming out in a religious context" might even have helped some of the youth who have committed suicide after anti-LGBT bullying. Appell himself was the subject of such bullying. Now he is a rabbi and a gay dad, raising two children with his partner.
I am not myself religious, and would not ever say that religion is the best or only answer to bullying. I do know, however, that messages of hate disguised as religion help no one, and can do great damage to LGBTQ youth. On the positive side, religions have the power to offer great comfort and assistance to those within their communities of belief. Some might say they have a God-given duty to do so.