There are (genetically) male EGL cosplayers out there. I can only speak from personal experience (and I can't say if I do it well or not), but I happen to be one of them.
If you think you can handle the large amount of attention (photos and comments), don't mind getting hot and sweaty (literally), can get over wearing clothes that most guys are not accustomed to, and can just have fun with it, than doing an EGL crossplay can be the way to go.
Ironically, I've very rarely seen a guy doing EGA cosplay .. no idea why, other than the fact that the fabrics and general look are close enough to lolita fashion to elicit the small amount of "that's gay" reaction from certain people who don't get it anyway.
EGL/EGA does have certain advantages for a guy getting into it (and this applies for girls too to some extent). Since the dress style is generally very conservative (outside of short skirts, which isn't a requirement), you can get away with some things that would kill some other cosplays.
Like not having to shave chest / legs / underarms, not having to do anything with head hair (well, other than shaving face). The style is open to most body types .. you might not be able to do the traditional japanese EGL style .. small hips / small chest . but I don't know all that many american girls that are not teenagers who fit the ideal build perfectly.
As far as cost, $200 should be enough to get an outfit going. There are some chinese makers that might be able to help there if cost is an issue, though I speak from personal experience in saying the results are very hit or miss (if you go that route, order early and be sure to add 2 inches to all your measurements .. they apparently don't know what a seam allowance is).
Anyway, if you think you can have fun wearing these types of clothes .. than go for it ..