The only concerns I would have would be filler effects on total saturation and penatration of the carrier and the ether attached to the active hormone. The MW is bound be greater with the ether and would effect absorption somewhat then if it was used with a base product.
The question becomes: How many caps can effectively be placed into the carrier without saturation? and how well does the ether allow transportation across the skin barrier?
I think it's a good idea, and could potentially be a much more effective approach then oral dosing, but who know.