First rule about butt'r... If you absolutely must smell it, do so from the tube not your fingers.
Second rule is to wear whatever you want to under your cycling shorts/bibs.
I usually wear a pair of lycra "Under Armor" - type shorts to help remove excess sweat and hold things in place.
I can typically get 2 rides out of my shorts/tights before washing them this way.
If it was a particularly sweaty ride, I will wash them regardless of ride count.
I've only used the cream once and found it to make things feel a bit to "swampy" down there for my liking.