How are testosterone levels distributed among men and women?
To the first question we can look at a paper such as "Estimating age-specific trends in circulating testosterone and sex hormone-binding globulin in males and females across the lifespan" from Handelsman et al.  The figures they provide are:




The top image is of females, the bottom of males.  We can see throughout a lifetime that the top 2.5% of females and bottom 2.5% of males seem to have approximately the same amounts of testosterone.  If we went to the top and bottom 1% there would likely be consistent overlap between the male and female distributions.

I believe you are interpreting the figures correct, although it is important to keep in mind these figures do not include any information on age and are a single point measurement.  To facts that may limit the depth of inference you can make about testosterone levels among the sexes.