A balding head looks masculine. Shaved or waxed legs look gay feminine.
Besides. Imagine being up close and personal with someone whose chest and back hair is growning back in. A five-o'clock shadow is hard enough on a girl's face...
I can't comment on which I prefer since I am a hairy man and I am not bald or balding (yet, knock on wood).
But your last point should be a word to the wise if you choose the "hairless" option.