My brother has been compounding my hormones since 2000. I just saw a doctor who ordered blood tests to check my hormone levels, primarily because my hair won't stop falling out. The doctor's office faxed the results to my brother and she had prescribed testosterone cream on the labia. I didn't like that answer and now the doctor is in Australia until mid January. The way my brother explained it is that the testosterone will increase the libido, it will build up muscle tissue and do several other positive things. It is not dangerous to apply to the labia. I am going to call the office and ask that another physician explain the results to me. Compounding HRT is the way to go. The pharmacist can closely duplicate the hormones naturally produced in your body when menopause causes them to produce less.
I think this approach is fine. I must say having been doing this for years, treating hundreds and thousands of men I have been underwhelmed with the results with topicals. Injections can cause peaks and valley and I have many younger men inject twice a week that smooths out the peaks and valleys. I think it is appropriate to follow the advice of your primary doctor and endocrinologist. I have just seen too many men spend months or years with gels with sub optimal results. Many men are diagnosed with depression and are not really depressed (I have no idea if this applies to you), but the presumed depression is base dupon low T.
My recommendation would be to pursue this but if a few months pass and results are modest consider another approach. Pellets are one approach to have smooth levels of T and are placed every 4 months.