1 more vote for trimming the entire region down with a #2 or #3 body hair trimmer.

I also never ride without liberally smearing the 'taint' area (basically everywhere that touches the saddle) with chamois creme. I like the Assos stuff, but if you want to cheap out, you can use "Bag Balm" which is similar to A&D ointment. Note, however, that bag balm tends to be pretty greasy and can end up leaving your bibs a bit grease stained -- and is harder to wash off of your body as well.