I'm on an average dose of E but haven't taken an AA in quite some time. My E levels have been sufficient to suppress my T. Reading through these forums, it appears that this is not a popular regimen, but its working for me and other patients of my doctor. My T levels haven't changed in any significant way.
Also, without knowing exactly what your friend took back in the 80's, there's no way to tell if your regimen would have anywhere near the same effects - especially given that Premarin and synthetic estrogens were the name of the game back then.
My doctor does disagree on the value of levels, except in his case, he is looking for a trough level to exceed a certain level - the level at which T is suppressed.