The SHBG will fall due to testosterone replacement. I don't think the very small amount of hCG used is going to do much to raise it any. Notice in the study below, people were taking 6000U of monotherapy hCG a week and, while the SHGB did go up in the "normal men" group, they were not taking testosterone along with it and they were on a massive dose of hCG. You'll be taking like 500U a week along with the exogenous T. Like a said, your SHBG will go down because of the T. The small amount of hCG shouldn't have any effect.
https://academic.oup.com/jcem/artic...ulin-Changes-with-Androgen?redirectedFrom=PDF