Yes I think it does. Although, the producers of Top Gear would have to make sure they chose the right woman. The Telegraph recently posted a list of who it thinks would be a good idea, and from that the best ones would probably be, Cameron Diaz (shes been on before remember. And we know she loves cars), Miranda Hart (her style of comedy may weirdly fit with Top Gears current style of comedy and shes from a military background and so could certainty stand up to the others if she wished) and Claire Balding (shes pretty manly anyway).
First and foremost, I think that Top Gear is an excellent show. I don't think that they have anything to lose by adding another host to the show in the form of a female. If anything, it will mix things up a bit and add much more diversity to everything.
While the show is testosterone driven, that doesn't mean that there shouldn't be a female presenter, assuming that she is knowledgeable about cars, and can present her opinions clearly and succinctly. A female voice would lend a valuable set of ideas to the show. The guys have asked for their mothers' opinions in the past.
There are three people, if it was may and Hammond they would get on and they would be less competitive. A woman would not live up to Jeremy. Sorry feminists but your sexist and worse than the people you say are sexist, if you had I your way you wouldn't allow men to gave jobs.
It is a car show. No trying to be sexist but mainly blokes watch it. Adding a female into the group of three or swapping one would be awkward and would probably lower the ratings. Richard, James and Jeremy have been the stars of the show for ages. Separating them would be stupid. Those three make Top Gear, Top Gear. Every other countries top gear has been a complete disaster. South-Korea helicopter crashed in first season. Australia was a complete fail. The British top gear has been around for ages and shouldn't been changed.
Adding a female, or any new presenter for that matter, would ruin the incredibly natural dynamic that Jeremy, James, and Richard have cultivated on their pokey motoring show. Those three are the reason Top Gear has been elevated past any other car show and most any other show on television, and throwing some random girl into the mix would do nothing but sour it.
It is not relevant to have a female presenter on Top Gear. There is nothing wrong with having one, it just does not have anything to do with the information that is being presented on the show. I watch the show because I think it is interesting, not based on who is presenting me with the information.
A female presenter on top gear would be there solely for eye candy. That's not what top gear is for. I strongly doubt that Top Gear ever will have a female presenter, as firstly it would ruin the tone of the program and secondly, the topics discussed on Top Gear are topics that would have an extremely vast majority of interested people being male.
The show thrives how it is now, shoehorning a female presenter into it now would honestly come off as an eye candy throw-in when considering the overall scope of the show. If a female presenter fit into the show and how it currently functions that's fine, but it's by no means a shortcoming not having one.