It didn't work for me.
From my perspective, the Troy character was not at all convincing as a female character, and a very convincing portrayal of a male in drag. I also didn't think the other characters reacted to Troy as if Troy were female, but more as if they were humoring a male pretending to be female.
I'm old enough to have seen both vaudeville and panto performed live, though not in their heyday, and in my experience the clearly visible mustache is more a sign of a male character impersonating a female one than one of a male actor taking a female role.
As for the humor, most of it relied on things I don't find funny, and so it didn't draw me in.