First get your serum E2 [estradiol] level checked. Elevated E2 increases SHBG. SHBG lowers FT. Lower FT also increases SHBG. Increasing T levels lowers SHBG. Note that more T usually means more E2. With TRT, E2 most always increases. Getting serum E2 into the lower 20's [0-54pg/ml] improves many things. If your E2 levels are elevated, lowering with anastrozole might improve QOL quite a bit.
Your high T with high SHBG and low FT makes perfect sense. You need to get SHBG lower before you consider TRT as high SHBG would mess with that as well.
More T [free or bio available] lowers SHBG
DHT lowers SHBG and you are lowering DHT
More E increases SHBG
Your problem could be from the effects of [other] Rx or OTC drugs to some extent.
Propecia lowers DHT. DHT is more critical for libido than testosterone. Some guys get their HPTA screwed up long term from propecia.
Low protein diets increase SHBG.
Just found this elsewhere:
SHBG is made in the liver in response to levels of many hormones:
1. Increasing Testosterone reduces SHBG
2. Increasing DHT lowers SHBG
3. Increasing DHEA lowers SHBG
4. Increasing Growth Hormone lowers SHBG
5. Increasing Insulin lowers SHBG [KSman: - but not with insulin resistance as E then dominates]
6. Increasing Estrogen increases SHBG
7. Increasing Thyroid Hormone increases SHBG
Normal thyroid levels should not cause any problems. Could be be using too much Armour thyroid?
I think that you need to get off the 5-alpha reductase inhibitor and see what your then perhaps normal endocrine system can do for you. We know that some really have problems with these drugs and you might part of that spectrum.
SHBG correlates to waist size and %BF. FAT = increased SHBG and lower FT.
Increased alcohol intake increases SHBG. But that is tangled up with estrogen increases.