It sounds damning, but it is a pretty passive method of discrimination and doesn't exactly make sense in light of the investigation. According to this article, Mr. Moldanado was included in no less than FIFTEEN pics in other places in the yearbook.
http://www.wkyt.com/home/headlines/Gay-basketball-player-questions-missing-picture-in-Floyd-Co-yearbook-321600372.html
Although his allegations sound founded about the blind eye to the opposing team's verbal harassment, the description of the process failure here sounds plausible. Yearbook staffs are hardly crack jounalism teams in high schools. A set of reviewers would not be likely to catch omissions so much as errors in naming, spelling, etc.
If you were a judge or jury hearing this allegation in a court of law, you'd have to have a lot more to support such an accusation than your prejudice.
If it did happen as a deliberate act, it's egregious, but that is far from proven just because it is alleged, and doesn't make sense if he is everywhere else in the yearbook, including the group photo on that page.
It is unfortunate that so many are quick to play the bigot card here about an entire state, yet are dead silent when actual gay beatings happen in New York or Pennsylvania, etc. It's as easy as Henry Ford looking for greedy Jewish bankers in the early 20th century, this business of looking for red state throwbacks.