First of all, this is to make neutral observations, not make moral judgements.

Ok, that out of the way...

It occured to me that the toxic waste scene could be a commentary on public perception of HIV/AIDS in the 1980s.

First, note that Emil Antonowsky has his earring in his RIGHT ear.

Later, he's called a "f@ggot" at least twice. Not my words, I'm just quoting from the movie.

He's obviously supposed to be gay. Just a neutral observation.

Later, when he's been affecting by the toxic waste, he asks Leon Nash for help, and gets the reaction of "DON'T TOUCH ME, MAN!!!".

It's well known that this movie is full of satire/social commentary.