I've said before that the projection arguement is just used too often. Yes some of them are probably in denial about their own preferences but I would say that the vast majority are just awful people.

I think transphobics tend to have a greater chance of being trans than homophobics have been gay, possibly because homophobia is looked down on by society, (at least in the West) in a way that maybe transphobia isn't quite as much. There are countries that have legalised gay marriage, but not hormone therapy, which is just bizarre.