i want to get it out front that i think you get the logic right, but that it only really applies starkly to the hyperfeminine extreme of the transfemale spectrum. if you begin with the grey area part of this and extrapolate it, i think you'll see that it sort of contradicts what you're getting at. if you acknowledge that a lot of transwomen are a little more in the centre in the sense that they have bigendered and androgynous traits, you'll have to conclude that they may have a few traits that may be attractive to some gay men. i mean, what you're saying is true, but only in that limited range of transwomen. so, you should have stuck with the whole grey area theme :)
personally? i'm the super shy, dresses down, tanktop 'n' jeans, bookish-librarian type rather than the big hair, stiletto heels & makeup everywhere type (no judging, it's just not me). while i don't get much attention from gay men for the reasons you're suggesting, and others, i do get a little bit, and i think there's some good reasons for it. a gay male may notice that we might share some tastes in art, for example, especially music, and think that this is something to build a relationship on top of. and, because i have a small-breasted, thin and athletic type of physique rather than a really curvy one, he may see something sufficiently sexy in it. conversely, a lot of straight men will interpret me as overly challenging or "unfeminine" for the same reasons they're afraid of assertive feminists. the ones that are attracted to me are attracted to me for the same reasons they're attracted to tomboys - or to challenging feminists.
it's about breaking down those media strereotypes of hyperfeminity in transgendered women, but it's also about those grey areas. transgendered people inhabit a lot of them, and because of that they're going to generate a lot of interest within them as well.
http://www.youtube.com/watch?v=_8EpCEoRfcA
