Skip,
You're right - this IS going against a woman's natural estrogen production. Without writing a physiology text, here are a few things it seems play into this.
Suppose you've got an average woman, not overly fat, but like all women, wants to lose weight - meaning lose fat. First, she produces estrogen from the ovaries as she goes through her menstrual cycle. But, she also produces androgens, both from the ovaries, AND from the adrenal glands. These androgens get converted to estrogens by aromatase in the woman's bodyfat. And, the higher the bodyfat, and the higher the adrogen production, the more of this conversion that takes place, and the more estrogen we have. Without pathology, this is all manitained in a tight balance that's somewhat specific for each woman.
Now, adding T3 will increase her basal matabolism, but it increases it accross the board. Drugs are metabolised faster, protein turnover is higher, fats are utilized for fuel, etc, etc. This won't have any effect on the ovarian/adrenal estrogen equation just discussed unless things get way out of whack (another fine, complicated mess). Rebound, in the classic sense, won't happen, because you've not suppressed a feedback loop, but simply interfered with an enzyme. It may appear to be rebounding, but in fact, you just now have the enzyme able to do its job without interference once more. With AAS you get rebound because you are suppressing endogenous production and interfering with the negative feedback loop involved in gonadotrophins. I can't comment on Letro and Aromasin, as I've not read about nor used these, only Arimidex. By the way, Nolvadex is a Selective Estrogen Receptor Modulator (SERM) which is great for preventing gyno as it's selective for breast tissue, but not as good for overall water retention or estrogen blockage.
A lot of women CAN lose weight with just diet and exercize, and maybe, as The Count suggests, a bit of T3. But, there are women for whom this won't be enough, and they'll KILL themselves in the gym and with diet/areobics to lose just a little bit or none at all. If this is the case, then the culprit may well be the estrogen issue. As to whether someone not getting ready for a show should use this approach? I guess that, like all drug use, is a personal choice.
I know I'm leaving a lot out here, but didn't think anyone wanted to read a book. Hope this helps.