From what I've seen, there is absolutely no correlation.
And further still... I've been dating a guy on and off that happens to be the typical super skinny, kinda flamey, high pitched voice kinda guy.... who happens to have a ten inch dong. Don't let appearances fool you.
I highly doubt they have less testosterone and other male hormones, although i can see why you'd think that from the typical "camp" gay guy stereotype, but you're forgetting about the quite butch gay men out there that could seem to have an excess amount of male sex hormones and even the gay men that most people would think are completely straight.
It's like saying a straight man who dresses well is less of a man and has less testosterone. See where I'm coming from here?