So in THEORY it should work, like finasteride?
Well, I mean, as I've written above it is supposedly anti-DHT (and the way it wrecks my libido would seem to confirm that) but it also has anti-estrogenic actions and estrogen is good for hair, I suppose that is how it causes these large sheds.
Whether this would be a positive for your hair at the end of the day is determined by what ends up being reduced more, DHT or estrogen...
However it's going to be far more expensive and you will have similar side effects at least as far as your sex drive, it's also quite sedating which might not be pleasant at high doses.
I don't really think it's a viable alternative to Finasteride, at BEST it will work just as well for hair loss but have equally similar or perhaps even worse side effects.
Taking it orally is not an option as most will get deactivated, you have to use it transdermally via skin, either dissolved in something like vitamin E or DMSO (see products: Progest-E and Progestene), or some other type of cream.
In my case I've concluded is more harm than good for my hair. I only use it for it's anti-anxiety and sedative properties, like I'll put a few drops on my wrist before a job interview or something like that, for that mellow, chilled out feeling... Definitely wouldn't use it before a date though, unless I wanted to earn the nickname 'Limp dick Rick'.