Thanks to everyone who answered.
I think that an 8-syllable initialism is a challenge for most English speakers -- only 0.1% of English words have 8 syllables or more, and most are rarely-used scientific or technical terms. But it's possible.
I also don't think enumeration is the only path to inclusion.
Ultimately, though, I think it's up to the LGBTQIA+ community to decide on, so my opinion is less important. Happy to use the best current term.
All said, I'm a yes, but.