Just as everyone mentioned above, estrone is a weaker estrogen than estradiol, about 8 x less potent. There really are three estrogens, estradiol (E2), estrone (E1) and estriol (E3), from strongest to weakest, estriol being about 80 x weaker than estradiol.
When taken orally, estrone exceeds, by far, the levels of estradiol because of the extensive metabolization in the gut and liver. Non-orally, they are far closer to each other, in terms of levels although pellets and injectables seem to do the best job of mimicking the ratio of estradiol:estrone typically found in pre-menopausal females, that is, estradiol:estrone 2:1.
In the body, estradiol converts to estrone as estrone also converts back to estradiol. The conversion is interchangeable. Much of the conversion of estradiol to estrone seems to take place in the liver, gut and I think even skin, which is why transdermally, estradiol:estrone ratio is 1:2 to 1:1. Bio-identical progesterone increases rate at which conversion of estradiol to estrone takes place. Also, estrone converts irreversibly to estriol.
I suspect that too much estrone (and estriol) relative to estradiol may not be good for feminization because estrone (estriol), similar to phytoestrogens, may act as a blocking agent to estradiol at the receptor level so that less estradiol can bind to receptors. It's a little like what happens when we take certain anti-androgens, where the anti-androgen occupies androgen receptors and blocks androgens from binding there. Since estrone has a much weaker effect on receptors, this means that receptors are mostly occupied by the weaker estrone and hence, feminization may be compromised. That's why I think injectables and pellets may be optimal, then transdermal and finally, sublingual followed by oral.