I've been contemplating transitioning (MTF, no vaginoplasty, possibly orchiectomy), and it looks like going on HRT will lower my libido, and orchiectomy definitely would, too. From my experience (I'm bisexual), my male partners always had high libidos (higher than mine), and my female partners always had lower libidos (than me). It seems that testosterone and estrogen have a lot to do with it. Right now, I'd say I was more into sex and intimacy with men (because most of the days were spent pleasing them sexually), but I'm wondering once I transition, if I'd be more into sex and intimacy with women? I had a lot of sexual angst, when I was with female partners, as they weren't responsive to having sex every time I wanted it. Whereas, when my male partners wanted sex, I was always responsive (even if I wasn't getting an orgasm out of it). I'm worried that if I have a male partner, because of the hormones, I might give him sexual angst. However, I'm excited that if I have a female partner, I won't have that sexual frustration, and that my partner won't, either. Did it change for anyone who transitioned with a similar background?
Your libido would probably decrease with HRT, and certainly after an orchiectomy. Libido is a function of testosterone, and, with the major producers of testosterone gone or out of action, all that is left is a small amount produced by the adrenal gland. Most people's sexual orientation does not change when they transition. If you were into women before transition, you will likely still be into women. If you were into men before, you will likely still be into men. If you were into both, you likely still will be. A few people find that their orientation does change, and they are generally surprised by that. I knew ahead of time that I would still be into women after transitioning, and I was right. There is really no way to predict how transitioning will affect you. That is for you to discover.
I think once you're ready maybe your libido feels less important than other aspects of your personality/body chemistry. For me personally, if I were transitioning I would not want to lose that though. That's just a part of who I am. Sadly, I'm forty. It's downhill from here...