Despite the surplus of answers to this question, they all neglect this is FireRed/LeafGreen, which is before the Physical/Special split, TMs are single use and most are only obtainable once, and Gengar's level-up movepool is atrocious. Either that, or they forgot this is for a playthrough, where defensive Pokémon and strategies involving stall are frowned upon, as offensive Pokémon can win battles more effectively and with fewer resources.
If we're solely comparing the two status moves, Curse is better than Toxic in most scenarios. Not only does it affect more Pokémon, as Poison-types are naturally immune to Toxic, but it also takes out a Pokémon in 4-5 turns, as opposed to Toxic's 6 turns, assuming you don't deal any further damage to the opponent. Though Curse does cut down half of Gengar's HP, it's likely not going to survive a hit when using either Status move, considering its low defensive stats. Curse being a volatile status condition isn't an issue either, as it's very rare for trainer AI to switch out their Pokémon during the main story in Generation 3, if at all. Refusing to teach Gengar Toxic also saves you the TM, allowing you to use it on a Pokémon that would benefit from it far more.
If we're comparing these moves in regards to the rest of Gengar's learnset, then Gengar benefits far more from other moves it can learn through TM, especially Psychic. As Shadow Punch/Ball are Physical in this generation, and it cannot learn Sludge Bomb until the postgame, Gengar only really uses its only STAB against physically frail Psychic-types. Meanwhile, Gengar essentially relies on using the Psychic TM and other such moves to reach its best performance, as it grants it a lot of milage off of its Sp. Atk stat. Assuming it already knows Giga Drain, Gengar could technically hang onto Hypnosis or Curse to help with a few scenarios where applicable, at least, until it learns Thunderbolt from the Game Corner to help with Lorelei and Lance in the Elite Four. If you have taught another Pokémon Giga Drain instead of Gengar however, it can hang onto Curse or Hypnosis, though mostly as filler moves rather than anything else.