My protocols would prevent any such observation, since I usually first tune my guys up properly on testosterone before adding in the GH therapy. That means their E has been controlled, too.
Although many HRT docs report a trend toward increased HDL levels, what I observe is actually the reverse. Perhaps this is because I do control E, I do not know. I should add that E should not be driven too low, either. When a doctor does poush it down too far, it either means he/she doesn't really know what they are doing, or are just trying to make a bunch of money by selling all the drugs they can.
The decreased HDL is of no consequence to me, as it has been shown to be the result of REVERSE cholesterol transport secondary to proper TRT administration, and CHOL, LDL and TRIG levels improve. This is not the case when docs use Winstrol, for instance, as part of "TRT", or some such nonsense.