Whilst I would agree that this banging on relentlessly about some teenage bullying decades ago is a piece of political theatre, and not at all relevant, it's not at all the same as Obama's drug use. The simplest reason being that bullying is something we all consider wrong, whilst drug use is something most of us have no problem with, and some of us engage in ourselves.
The US needs some big group of Republican congressmen coming out and saying they used to smoke weed, like a bunch of leading Conservative Party MPs did in the UK when terrifying reactionary Ann Widdecombe proposed some draconian crackdown or other. It would be cathartic.