In the battle for best rock song expressing the idea: “Whoa, I totally thought that dude was a lady.”
Which is immediately one point to Aerosmith for clarity of expression. And one point to the Kinks for non-clarity because making you think your way to the message makes it more memorable and persuasive.
The protagonists of both songs eventually decide that if it feels good, do it. So neither loses points for chickening out. But Aerosmith gets a Ballsy Bonus because their core audience was probably somewhat more homophobic.
They earn a similarly testicular Balls Out Power-Up for unapologetic rocking of what could be cabaret material. Lola picks up some growly volume in the middle eight, but overall, it might easily be performed by a man in a top hat.
But Steven Tyler actually has performed in a top hat, so that point is withdrawn.
Both songs deliver a largely queer-positive message to a popular audience. Unlike Lou Reed, neither performer had a foot in the art world which would have been a soft target. (Walk On The Wild Side is doubly ineligible for competition because there is no revelatory whoa moment. Holly shaved her legs long before Lou met her.) As a pop mind-bomb however, Lola has the edge because it's just so damn catchy, a natural camp/fire singalong.
So it's tied at two all. Time for the Special Guest Tiebreaker from someone who knows more about the subject than Tyler and Davies put together. (Which nobody wants to see really. But you really should see Nobody Someday.)