So far I've just accepted most factors of my body and bike that contribute to resistance and call it "training". I don't race others, I just race myself, and while shaving my legs might have a non-negligible effect on the rare day when I have next to nothing in my panniers I have yet to make the effort to shave. I've paid for 3 haircuts in my life, having grown up with a pair of decent clippers ready and willing to keep my head shorn; out of curiosity, I may just take them to my legs and see how it feels. As for using a razor, that's definitely an effort I'm not going to expend unless I take up competitive cycling or swimming. I like the sunscreen-application benefit to shaved legs--I think that is my main motivation. My leg hair is white/translucent anyway so I'm not much concerned about aesthetics.

*fires up the clippers*