higher estro levels most definitly lead to higher bodyfat, not just in the tits.. however you can burn off the bf - gyno is a different beast though..
even without the studies which there are think about it women have higher bf then men (higher estro lower test)
older men have more bf (test production lower estro higher)
heavy drinkers get the big gut (sure a lot of it is from the empty carbs,, but heavy drinkers also have very high or higher then normal estrogen levels)
your body needs estrogen, the trick is keeping a good balance of test to estro ratio..