The endogenous steroids, testosterone, estrogen (estradiol, estriol and estrone), and progesterone, have little action on each other's respective receptors. There is, however, indirect action. Testosterone converts to DHT which interferes with estrogen activity (most likely through direct antagonism of the ER). Progesterone has a higher affinity for 5-alpha reductase, thus acting as a competitive inhibitor for testosterone to DHT conversion.
"Progesterone is a master hormone and can/will be converted to estrogen or testosterone as needed."
FAWN, while progesterone is an intermediate in the synthetic pathway for testosterone and estrogen, exogenous progesterone will not increase the levels of these hormones, but lower them. Progesterone is quickly deactivated and also suppresses the HPTA, thereby lowering LH. And MACRO is correct, the wild yam products are garbage...look for the ones with USP progesterone in them.
"Estrogen in particular inhibits fat-loss and can be considered catabolic (in the muscle sense of the word) and works against testosterone for women trying to gain muscle/lose fat."
MS, estrogen, in the presence of testosterone, is an indirect anabolic to muscle. The agricultural studies have shown this overwhelmingly...an androgen/estrogen or estrogen/progestin combination is a stronger anabolic than a single androgen. Estrogen increases insulin, GH and IGF 1 levels. In humans, puberty begins when gonadotrophins increase testosterone and estrogen, which act to elevate GH and IGF levels, thereby increasing linear and muscular growth.
Estrogens, unfortunately, tend to increase adipose tissue in the lower body (but decreases Lipoprotein Lipase activity in the abdominal region...this is why women can have abs, but still have fat lower body). But estrogens are the protective agents for the cardiovacular system...even in men. Higher testosterone levels are correlated with higher estrogen levels through aromatization, and 17-B estradiol is a potent antioxidant.