Hormonal approach for hair loss - Does it even work?

Clearly, hormone plays a very important role in synthesis/homeostasis/regulation of other biological reactions and chemicals.

DHT is promoted as a root cause of male pattern baldness in most websites. I get the argument, but I do not follow the logic.
As men age, we produce less T, so less T is available for DHT conversion. Also, estrogen level rises at the same time, which causes libido issue.

Some may say that DHT is only involved in MPB in the 20's when our body is capable of producing high T. This argument is better than the first one, but it still has flaws.
If we have high T, libido should not be an issue. However, I have seen many people in the early 30's or even 20's having libido issues (I am one of them as well).
When T level is measured, total T is usually lower than the average value for the age group, and free T is especially low. If free T is low to begin with, how can we even produce DHT?

Some say DHT combined with metabolized estrogen (hydroxy estrogen) is the root cause of problem. I think this makes the most sense for MPB.
As men age, even though less DHT is converted from free T, there are higher level of metabolized estrogen available, making this argument more plausible than others.
However, if one looks at it from female's perspective, this argument is busted. After menopause, many females experience severe hair loss (like my mother).
The menopausal hair loss is thought to be caused by a sudden drop of estrogen and progesterone.
Progesterone drops faster and stays lower than estrogen after menopause (relativity is important).
If DHT + metabolized estrogen is the root cause of hair loss, females should experience more hair growth after menopause, which is not the case.

Also, some men who want to go on extreme regimen try oral spiro sometimes along with DHT blockers like fin and a few people have reported tremendous regrowth of hair from spiro.
Read this Thread: http://www.hairlosstalk.com/interact/showthread.php/79595-200-mg-oral-Spiro-dut-Propecia-Nizoral-Rogaine-for-months?highlight=spiro+man+boobs

Watch this video: https://www.youtube.com/watch?v=GZt60O-eXmw

There's another hypothesis that says females are less prone to balding than males because their scalp has high level of aromatase, which converts free T into estrogen before T becomes DHT. If this was indeed true, promoting aromatase activity would be beneficial for hair, but that goes against how estrogen level increases as men age.

Lastly, progesterone has to be balanced somehow, but I am not sure how to regulate this pathway besides applying progesterone cream.

If I were to make any kind of guess on optimal T, DHT, estrogen, and progesterone absolute and relative levels, it would be the following.

Guess on optimal hormone readings

• Low DHT + high estrogen = clear winner for hair loss, but it can mess up libido and manly characteristics, which means...
  Total T, free T, and estrogen need to be balanced
  Some T (both total and free) are needed to maintain manliness. If free T becomes too high, DHT will interact with estrogen to cause disasters.
  Hydroxy estrogen and DHT levels would have to be low, but the former is impossible to achieve (low hydroxy estrogen) if we want high estrogen
  Estrogen/Progesterone has to be balanced (relative levels)
  

To achieve this, one would have to use soy products or other xenoestrogen products (increase estrogen), use a DHT blocker (fin, dut, maybe saw palmetto, pumpkin seed oil) along with occasional T boosters like zinc and vit D, and progesterone cream. And this actually goes against what researchers/health blogs tell us to do in regards to xenoestrogen and estrogen products, so I am confused even more.

What's your thought on hormonal approach for hair loss? Does this even work?

PS: Even though low DHT level is wanted, it can cause severe side effects in some people. I personally think 1% chance Merck claims is an understatement. And oral spiro can mess you up for good, so please think twice before you try it out.

PS2: Maybe higher level of estrogen is beneficial for hair due to higher choline production. Females need less choline than males because of high estrogen.

prolactin is probably something that should be looked at much more intensely.