I (as I imagine a lot of people do) do LOTS of research on anything and everything that concerns me or that I have an interest in. This is a subject that has been on my mind the past few weeks, so of course I have been investigating it. I have large calves, and larger (but not huge, just not very feminine) forearms.
Testosterone is a growth hormone, as I'm sure 95% of the people on this forum know. It causes you to gain muscle mass naturally and more easily with exercise. Taking antiandrogens to cut off testosterone will, over time, cause the muscles to shrink. While estrogen will move body fat to various parts of the body to give you more of a girly figure. The average time period for one of these transitions to take place is about 3 years. Yes that's a long time, but over those 3 years your body -will- change.
As for exercises:
Regular walks for 30-45 minutes at a time can help stretch the calf muscles and encourage them to be less bulky. It's slow going, but it's a surefire way to make your calf muscles smaller without sacrificing strength, or doing anything else dangerous. My bulky calf muscles are so not girly that I don't really wear shorter (knee length, or just over the knee) skirts or dresses.
Yoga. Yup. Do Yoga at least 3 times a week about 30-60 minutes per day, doing it every day is better. This stretches your muscles, it's good for your joints, and awesome for your posture. It's not hard at all, and is very relaxing. The stretches in yoga will do so much for you, and certainly, over time, it will stretch your muscles and give you a less bulky muscles. I love Yoga, it's what I look forward to everyday.
Obviously stay off of strength training. Any kind of stretch will help make muscles less bulky. Although none of the exercise methods you can do will give you progress anywhere near HRT. HRT can change your body rapidly, while these exercises can take many, many years to see any type of progress. But keep in mind that regular exercise, even if it is only walks, is good for many reasons. It keeps your heart healthy, burns fat, moves the joints, helps remove toxins. Exercise is better than any medicine for sure. I mean name 1 medicine that has as many benefits as exercise

QuoteI run primarily for loosing fat in my belly, which requires that my body first loose fat in other areas such as shoulder and even fingers.
That is very interesting. I didn't realize that your metabolism eats fat from other areas before eating fat from the abdominal area. Sort of explains a lot.