I think you would not only see the publisher of such a calendar facing discipline, but you would see 12 returned Sister Missionaries on the hot seat as well. Scantily clad women (topless or not) are more erotically provocative to men than shirtless men are to women. Not to mention societal double standards.
The admonitions that Alma gave to his son Corianton would apply here. Paraphrased, all the good work that is being done is destroyed by the bad behavior of those involved.
Yes, I think it would cause more of a stir than the male version. I hope it doesn't happen.