As far as I can see from the literature, the main reason is theorised to be that the Y linked gene mutates more rapidly because more mutations are produced in males given the continuous production of sperm. I havent seen anything to suggest that the ZFY protein is substantially less effective.
For references see
Lori-Jayne Lawson , Godfrey M. Hewitt
Comparison of Substitution Rates in ZFX and ZFY Introns of Sheep and Goat Related Species Supports the Hypothesis of Male-Biased Mutation Rates
J Mol Evol 2002 Jan;54(1):54-61
Erlandsson R, Wilson JF, Paabo S.
Sex chromosomal transposable element accumulation and male-driven substitutional evolution in humans.
Mol Biol Evol. 2000 May;17(5):804-12.
Shimmin LC, Chang BH, Li WH.
Male-driven evolution of DNA sequences.
Nature. 1993 Apr 22;362(6422):745-7.
[This message has been edited by Wounded King, 04-10-2003]