I really hope Keyes doesn't go totally bugnuts.
The good news is, if he doesn't, he should end up being a very popular President for the same reason Clinton was in OTL - a booming economy can coat over a lot of flaws. Hell, it took damn near 30 years for people outside the right wing to admit maybe a good economy doesn't make up for Clinton's sexual misbehavior... perhaps the same will be said ITTL of Keyes' homophobia.
I'm kind of curious how this had effected black culture - you had rappers like Easy E meeting George HW Bush, and with a black Republican in the White House, I don't imagine the Banks' family's status as black Republicans will be a punch line for much longer on Fresh Prince of Bel Air.
I wonder if more black Republicans might also seek higher office, or do so sooner - Frank Cousins in Massachusetts, James Garner in New York, JC Watts in Oklahoma, Ken Hamlin in Colorado, Alveda King in Georgia, and of course, returning war hero Colin Powell. That alone could have MASSIVE political consequences.