In general (meaning not speaking of the Clintons) 'First Gentleman' makes more sense, since 'First Lady' refers to the female counterpart of a gentleman, not a lord. But, there is a problem with that - it's merely protocol. There is no 'official' title. The president's wife was originally called just that. 'First Lady' was allegedly first used by president Zachary Taylor in 1949, when he gave the eulogy at Dolley Madison's funeral.
As for what Bill would be called if Hillary were elected, I don't know.
On a side-note, a mistype by me made me wonder: how come when people want to knock her they always stretch to use bizarre names like 'Hitlery' when without even trying I can accidentally come up with...'Hellary'?
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