I think it is worth a shot, without a doubt.
Since SHBG is the primary mediator of the free to bound ratio of androgens, normal levels of testosterone result in excessive free testosterone and therefore excessive aromatization to estrogen. To make matters worse, SHBG is also the primary mediator of the free to bound ratio of estrogens. Typically, both estradiol and free estradiol will be elevated.
For those of us with secondary hypogonadism, our low-normal LH is indicative of suppression. Estrogen is the primary negative feedback signal for the male HTPA in terms of LH release:
Although the concentration of estradiol in the blood of men is relatively low compared with testosterone, it is a much more potent inhibitor of LH and FSH secretion (approximately 1000-fold).
[PATHOPHYSIOLOGY COURSE - ENDOCRINE MODULE
Male Gonadal Disorders
(Testicular Disorders & Clinical Conferences)
Dale Childress, MD]
This is why the disruption of the FT/T and thus E/T (and FE/E) ratios due to impaired SHBG expression is theorized to be causative for certain cases of secondary hypogonadism.
We can prove this with a SERM like clomiphene citrate (CC.) CC acts to "hide" a portion of estrogen from the hypothalamus. Within one week of daily CC administration, TT production will become normal.
The low LH pulse will be cured. It's as simple as that. Hiding the excess estrogen cures the secondary hypogonadism. Of course, with low SHBG, the excess estrogen may be hidden from the hypothalamus, but it is not hidden from the brain, breast tissue, etc. Thus, the imbalance remains.
Rather than hide estrogen, an AI like anastrozole could potentially boost LH back to normal just as we see with CC, and also bring estrogens back to normal. It's not a "cure", however, since the free to bound ratio of estrogens will still be skewed, and T will continue to suffer the excessive free fraction and accelerated metabolic clearance. Nothing will address the fraction/clearance issue other than SHBG itself.
Regardless, the theory that it can correct a portion of the imbalance is sound and I believe it is worth trying.