Gynest cream and the discontinued Ortho-Gynest pessary I have recently discovered are (were) manufactured by two different companies and contain completely different ingredients. I suffer from bladder issues and whereas the pessary seemed to suit me, I have had nothing but problems down below, (particularly soreness and burning) since using the cream and as a result have recently switched to Vagifem.
As far as wind and bloating goes, other ladies on this forum have reported it as a side effect at the start of local oestrogen therapy, it's not exclusive to Gynest cream though and I believe it usually settles down within a week or so.