The anti-aging community puts optimal male estrogen at 20-30, though it's very individual. Some men feel awful with 20 while others thrive at that level. Mine is at 9 (using the sensitive assay), and I am concerned that Clomid could cause issues from blocking the effects of what little estrogen I have. And while estrone has lower binding affinity for estrogen receptors, just having a shit-load of it around would be enough to increase SHBG and take some T and E2 along with it. At least that's the theory I've been playing with.

Interesting side note --- I have been able to get transient surges of T (and libido) by putting an 850nm red LED light array on the testes. Nobody knows the long-term affects of this approach, but it's apparently stimulating mitochondria in Leydig cells. My concern would be potential for testicular cancer. Anyway, the reason I mention LLLT is because it looks like it functionally has the same effect as LH on Leydig cells, which is what HCG monotherapy would induce.

I could care less about spermatogenesis, as I have three kids. My baby-making days are done and over. This study would seem to indicate HCG could potentially lower SHBG (and raise free T and E2 which is what I need):

Sex hormone-binding globulin changes with androgen replacement.  - PubMed - NCBI