I have been told it's fine to take vaginally by two NHS GPs, a private meno specialist GP and a doctor in Australia. It is licensed in other countries for vaginal use so it's not like it is unsafe that way.
What I wouldn't do personally is lower the dose just because you are taking vaginally. I would only do that with approval from a doctor and if I was having regular scans to check lining growth. My argument to the GP was that if I am only using one pump of estrogel (which is a low dose) then surely I don't need as much progrsterone- he disagreed. So although he was willing to approve vaginal use even though off license in UK, he wouldn't approve lowering the dose.
Yes I've always only taken vaginally, only started hrt at end of December and decided to avoid oral as I'd had gastritis really badly last summer and as a result try and avoid any oral meds. I certainly wouldn't like to take utrogrsran orally as you're supposed to take on an empty stomach and I couldn't do that.