"love-shy" by a strict definition is "mentalcels", which is a subset of incels. And you're right, though Gilmartin argued that love-shy is almost entirely a male phenomenon, the love-shy.com was open to foids. But it slowly evolved to inceldom. And was indistinguishable from a modern incel forum by the early 2010s. For example typical post titles:
I find my Ugly Half-Jewish Looks Simply Unbearable
Anyone else have a Sister you HATE with a Passion
The Creep Theory
Also about blackpill vs. redpill, those terms didn't exist yet. Redpill was just called PUAs and it was the mainstream wisdom and widely accepted. Neil Strauss' "The Game" was a bestseller at the time circa 2007 (I read it myself and believed it 100%). Love-shy.com was the first place where you started to see repudiations of PUA starting in the late 2000s. People started pointing out that PUA can't compensate for sub-normal looks and many PUAs are scamming people. This seems obvious to us now, but love-shy.com was the first concentrated community talking about this. When the PUA's started calling themselves "redpill" this look-centric theory eventually became known as "blackpill" in response.