The problem with SERMs is that the current offerings (tamoxifen/clomiphene) only increase SHBG by up to 30% in studies. For a guy suffering with SHBG between 8-13 nmol/L, we're talking about a difference of a paltry +3 nmol/L. That's essentially irrelevant.
The kind of increase we're looking for is 100% — minimum. We want to bring that guy at 13 nmol/L to a more normal 26 nmol/L.
Also, if a male isn't seeing SHBG elevation as his E2 increases, he isn't likely to see any movement whatsoever with SHBG just because of a medication that might be a slight estrogen agonist. If estradiol itself didn't work, neither will a SERM.
So, we toss SERMs out the window for the sake of this discussion.