I'm just reading this as BL and don't have the identity crisis y'all are having. :'p
On that front, it's not bad. A pretty natural slow progression so far from "gutter-talk at all-boys school", to "kinky shenanigans with one of the protagonists being a stand-in for a girl", to "these two appear to actually be a couple that are in love with each other (but are still caught up in lewd stuff)".
It's mind is 100% in the gutter the whole way, though, as advertised. That's not usually really my thing but, in this case I will concede that this particular story probably couldn't be told without that.
(And finally—there's been none of the creepy shoutacon bulging-balls stuff that a lot of other ecchi trap-ish stuff gets into, thank god. The one protagonist does indeed kind of look like a girl at all times, and some other cross-dressers join the cast, but that's it: None of that pedophilia erotica or whatnot such as to make me want to gouge my eyes right out.)