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This seems to be a commonly held belief, however once your SHBG is fully saturated, Free T rebounds and therefore Free T can no longer be affected by SHBG. SHBG doesn’t affect testosterone production because there’s no mechanism for that, SHBG doesn’t increase or decrease testosterone production, not without changes in LH.

Also E-2 is weakly bound to SHBG, much less than Free T, and again once fully saturated, E-2 is no longer affected. If your have a guy with a Total T at 533 ng/dL, SHBG at 71 and he has low Free T, decreasing the SHBG in isolation will lead to a Total T value <300 and Free T remains unchanged.

So changes in SHBG doesn’t change Free T values. There are some medical conditions which raise the SHBG while also decreasing testosterone production, like starvation. So reducing SHBG isn’t going to do anything for your testosterone production.