Why wouldn't he be able to?
Especially in the case of transgenders - where the organs are often underdeveloped (the fact that they function to the point of facilitating pregnancy is quite rare/odd to begin with).
The argument of health could certainly be made.
Though, honestly, I would be curious to turn it into a case study in the fertility of transgenders and whether or not a hereditary pattern is established. A lot of things in the human body are regulated by maternal hormones - and a transgender obviously has some different hormonal balances going on, there - and it would alter gestation processes somewhat.
So it would be interesting to see how that would impact development of the kid (though I suspect bringing it to full term would be highly unlikely - but I'm not a medical expert on these things... and I'm not quite sure if anyone could seriously claim to have expertise on the issue).
But I'm an odd person who sees the world somewhat differently than others.
From a legal standpoint - I have no idea why it would be a legal issue (and it shouldn't in the first place). From a medical standpoint - I don't see why an abortion would pose any lesser or greater risk than it would to a woman (there again - I don't know).
A brief google search turns up the typical progressive drivel regarding abortions and wars on women - but it does appear as if transgenders do receive abortions from time to time.
Now, in your state, there may be particular legal complications. Again - I don't think the government should be involved, period (neither laws against nor laws requiring insurance to cover) - but you may have to look at outside states.
I just recommend avoiding planned parenthood. Abortion and other such issues are worth taking the time to talk to experienced counselors and medical staff/professionals about. Not community activists. They've been known to leave out important details about the hormone backlash from abortions and other such things. Not that those tidbits are supposed to change anyone's mind - but it sucks when you are given a false sense of what to expect from someone meddling in your body and you're left to figure out what it was on the flip side of the operation.