Actually, a word that's pretty common (at least nowadays) around gay advocacy groups and academic discussions is almost exactly that - except it's "heterosexist", which I think was using the "hetero" because it's describing the implication that heterosexuality is superior. I also don't generally like the word homophobia, except in certain cases, and mainly when I use it is by convention rather than as the optimal word I'd choose.
But yeah, I like heterosexism better, as it also encompasses those who don't really fear gay people (while I'm sure in convoluted discussions about fear, anger, power structures etc the word fear could be rightly applied, for simplicity's sake I usually don't think of it as a fear unless it's obvious in the individual).
I remember a while back I had a complete mind blank trying to remember the word "homophobic", so I made up the word "homosexism" on the spot. There were a lot of confused people afterwards... *grins*
The closest I can think of to an accurate workable term would be "sexual preferism", though even that's a bit clumsy. Generally, I just use whatever the going terminology is, so I'd be happy using either homophobia or heterosexism.