I think if you put the Utrogestan in first and then the cream it will be fine. Gravity would do its thing on the capsule as well as the cream, so do it when you get into bed.
When I was absorbing badly I was applying to both arms and legs. I felt a sort of rush when putting it on my shoulders, though. At that time I spread it over a smaller area and let it dry. Now I just use my thighs and rub it in over a larger area.
I am rather sensitive to hormones and my levels were low despite being on bioidentical HRT for 3 years, so I started on 1 pump for 1 week, then went to 2 pumps for a few weeks then to 3 and finally 4 more recently.
For me, splitting the dose removed late evening/night palpitations.
I do think rubbing it in well is better in a number of ways, but I am getting very pronounced mood swings over the days. Some days I feel terrible, exhausted and miserable. Other days I feel better and have a positive attitude. I am also trying to balance thyroid hormones at the same time, just because life wasn't hard enough, so it can be hard to tell which hormones are causing what problems.