Oestrogel gives the same oestrogen as one gets in most other HRT pills or patches - it is just delivered in a different way. It may work better for some women but whether it will be better for low mood and anxiety I'm am really not sure.
We are all different and what works for one person, won't work for another.
As for Utrogestan, again, the effects of this will vary greatly.
If you want to follow Studds regime then you really should pay to see him and be under his supervision. The standard doses will need to be followed if under the NHS as they are NICE guildelines. I got erratic bleeding when using Utrogestan and felt generally very sedated - I also got nasty rashes on my face. It didn't make me sleep better - I just felt quite sleepy most of the time - very chilled and disconnected.
DG x