Only inasmuch as they affect estradiol, and at least according to my results, only HDL is affected, not LDL. The E2-driven increase in HDL isn't necessarily all for the good according to
this article.
Testosterone propionate does not lead to less aromatization than other esters. Daily small doses of any ester can potentially reduce peak estradiol compared to large, infrequent doses. Propionate is interesting because it may allow for diurnal variation in serum testosterone, somewhat mimicking natural behavior.
In theory you can replace an arbitrary amount of your testosterone dose with substances that don't aromatize, thus setting your estradiol where you want it without an AI. But I doubt this approach is going to be any healthier/safer than normal TRT and judicious use of an AI. As you note, Proviron would work on the androgen side. A SARM such as ostarine might help with anabolic activity.