I started HRT a couple of years ago when I was 35, and I was worried that my hair wouldn't get to an acceptable state again... but thankfully I didn't have any shiny bald areas of my head. Most of the hair was there, it was just very thin. My hair has come back with a vengeance. The first six months of Spiro and estrogen only did regrow some hair, but then I added in Avodart and had a bump up in my Spiro dosage. A year and a half later and the difference is just amazing, I've even got some hair where I didn't have any for years. I will still need transplants in the temple areas and to thicken up the crown, but the rest should be fine now..
So yes, it does affect the hairline, but unless you are very young, you probably won't get it all back.