Yes, I've tried T-cyp and I felt worse on it, even though my T went up significantly and E2 remained fine (and I tried many different dosages, frequencies, and methods of administration). The T-cyp, at about 100mg/wk, pushed my high-normal DHT levels about a 100 pts above the upper limit (measured 4 days from the injection), so I can only imagine how bad a transdermal T would do regarding that issue.
I think it's generally true regarding the author's statement about increased T depressing SHBG, but you may have to be a bit careful because there's a corrollary principle that if you have a lot of aromatase activity then the increase in E2 (produced from the increase in T) can actually cause the SHBG level to rise even further - and make some individuals' free T situation even worse (even though total T is better).
Frank