Responding to this question rather late...but yes, obviously there's a place for them. Why on earth wouldn't there be? People of all stripes study things like history, religion, and philosophy. You don't have to be Chinese to study Chinese history, you don't have to be Jewish to study Judaism, and you don't have to be female to study women's studies. A friend of mine recently TAed for an introductory LGBT studies course at our university, and most people in the class didn't identify as LGBT; they were just interested in the subject. Good. Props to them for getting out of their comfort zones. Academia should be a free exchange of ideas, and there is no need whatsoever for the zealous guarding of an academic domain and the marking of territory.
The comfort level may well depend on the philosophy of the department. The split between Women's Studies and Gender Studies can be rather noticeable between departments or universities, and the political/activist bent of a department can vary wildly. If one is interested in gender as a component of a larger topic (say, psychology, sociology, or anthropology), one should consider getting a degree in that field and completing the requirements for a women's/gender studies certificate, which are increasingly common. A PhD in women's studies certainly isn't the only option and often isn't the best.