The studies I have seen are pretty clear on the sexual role of estrogen in men:
* Estrogen in the penis will cause erectile dysfunction. There is no real replacement for DHT as an erectile function stimulant, followed by testosterone.
* Estrogen in the brain will increase libido
So this is a Goldilocks problem, where you do not want too little, and you do not want too much. Too little and you will lose libido and interest in sex. Too much and you will get erectile dysfunction.
Too high Estrogen will kill your libido as well - not increase.