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I think in a culture of modern women such as we live in today, the risk of voluntary polygamy suddenly taking a significant hold in society is low. If polygamy were made legal today, I don't see much changing.
The real risk, in my mind, is abusing the polygamist "marriage contract" for corporate business means. Say a group of men want to form a company, but they want, for example, not to have to testify against each other if the company is ever sued, just as a wife has the right not to have to testify against her husband. So they all polygamist gay marry each other on paper.
I think you could successfully allow for gay marriage, while still outlawing polygamy on the argument that it would promote conspiracy and fraud.
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