If you have excess hormones of either nature, then yes, it will clear them. The worry with estrogen is that it tends to accumulate and promotes toxicity of certain sorts.
Depending on what you're looking to do with supplementing with an anti-estrogen then I suppose it might matter at that point.
But no, to my knowledge, it does not clear anywhere near as much test as est. This could be because of the relative toxic surplusses of things that are inherently estrogenic. Yet much less that is androgenic. However, no mention has been made of lowering testosterone from a baseline normal level. So the chances of it actually lowering your test levels appears to be slight. However, being that Calcium d-Glucarate is somewhere in the comparable range to Tamoxifen, then it is nearly assured to conjugate and lower estrogen levels.
So in my opinion, no, it won't lower test levels significantly unless you're trying to take it during a PH cycle. After a cycle is a good time to take it anyway. I've heard some people say they don't get good size gains from PH when they take Calcium d-glucarate additional. I'm sure that either could be the lowered levels of estrogen as well as the removal of surplus test. So it appears to be something useful in between cycles to induce normality of hormone levels asap.