The half-lives that we are all familiar with are actually the absorption half-life, that is, how long it takes to be absorbed from the depot. The esters are made of fats, and the longer and heavier the ester, the more "fat-loving" the compound. Thus the slower the absorption rate, because it is released more slowly. Once the compound is released into the bloodstream, the ester is cleaved off by esterase.

Once the testosterone is free from the ester the testosterone is chiefly bound in the serum to sex hormone-binding globulin (SHBG) and albumin. The albumin-bound fraction of testosterone easily dissociates from albumin and is presumed to be bioactive. This is "free testosterone". The portion of testosterone bound to SHBG is not considered biologically active.

There is considerable variation in the half-life of testosterone as reported in the literature, ranging from 10 to 100 minutes. Inactivation of testosterone occurs primarily in the liver. Thus, whatever free testosterone there was in the blood would remain there until it was transfused and passed through someones liver. But you are talking about a metabolic half-life that is measured in minutes. It's like someone injecting test suspension, it's not going to be around for any appreciable amount of time. Plus you only donate a pint at a time, so how much free test is there going to be in a pint at any given time?

So once the test is free, it has a very short metabolic half-life no matter how long or short it's absorption half-life was. The reason long estered Tests tend to cause higher estro is because they build up to a higher steady state.