The only research I can find for HMG was a study done on male fertility. I'm thinking if in vivo it can stimulate sperm production, then it would have some positive effect on LH and FSH, and perhaps natural test production. Perhaps that last part is a stretch, but I'm still curious if anyone has any personal experience with it.
Hinyokika Kiyo. 1988 Jun;34(6):957-61. [Testicular follicle-stimulating hormone receptors and effectiveness of human menopausal gonadotropin-human chorionic gonadotropin treatment in idiopathic male infertility].
To investigate the relationship between testicular follicle stimulating hormone (FSH) receptors and the effectiveness of human menopausal gonadotropin (hMG-hCG) treatment in idiopathic male infertility, 48 infertile men were examined. Most of the 14 patients without detectable testicular high affinity FSH receptors did not show any increase in sperm count after the hMG-hCG treatment, whereas 23 of the 34 patients with FSH receptors responded to the treatment. In patients with FSH receptors, patients with a middle or high Johnsen's score count responded more than those with a low score count did. From the above results, it seems that both the presence or absence of testicular FSH receptors and the histological appearance of spermatogenesis predict responsiveness to hMG-hCG treatment in infertile men.