Oh it sure as shit isn't healthy. Flooding a male body with estrogen fucks up the brain chemistry. Yes, all drugs and chemicals interact and change the brain's chemistry in some way, but trying to forcibly tell the human body it's something that it isn't just doesn't work. Trying to convince it by way of hormones doesn't help pull off the illusion. Troons like Flynt can run their mouths all they like, but it just isn't natural. Your body trying to fix your mangled crotch isn't your body yielding to the patriarchy or some other bullshit, it's trying to fix itself and return it to its normal state.
But I will admit that Phantom Dong Syndrome sounds hilarious.