Estrogen can suppressed GnRH excretion (1) which in turn lower LH level, and so reduce testosterone production.
Estrogen also raised SHBG level, result in higher level of SHBG bound testosterone (not bio-available), thus reduced the level of non-SHBG bound testosterone (bio-available). This two results are similar to those obtained by most anti-androgen. The level where these results occurred need not be at unhealthy level, usually the standard dosage for MTF is sufficient (age is a factor).
The gradual build-up of estrogen receptor through lower dosage before full dosage for full growth of breast issue does apply (in order to save the initial cost of higher dosage), but the usage of estrogen does not concentrate on breast growth only, a sufficient dosage which is maintained steadily is the factor contributing to its anti-androgen effect.
The use of anti-androgen is not recommended due to:
1. side effect of drug
2. some anti-androgens are much more expensive than estrogen
3. some anti-androgen actually inhibiting the positive effect of estrogen
4. more difficult to reverse to the condition prior to HRT
5. almost all anti-androgens have negative effect on liver
Reference:
1.
http://users.rcn.com/jkimball.ma.ultranet/BiologyPages/S/SexHormones.html