I tried it once when I was playing hockey and the socks kept itching hardcore in the skates and shit. It didnt really make a good enough difference. shit still itched haha.
It was terrible with wearing pants in the winter, when the bottoms of your jeans get wet, and they hit the leg and you're like WTF where did my hair go.. that, or any time that its really cold out and the pants you're wearing just so happen to be cold, and they hit your leg.. its an odd sensation.
I also noticed, that it didnt protect well from heat either. Hair is a fantastic natural insulator of both heat and cold.. and one time I was standing by a fire we made one night and my legs were seriously feeling like they were burning up. I got on my knees to mess with some stuff in the fire, and it was noticibly different, and my thighs dont even have that much hair on them..
but the straight up WORST THING EVER was when my hair started to grow back out initially... it itched more hardcore than anything I had ever experienced in my life... it was like having an itchy asshole that you couldnt get rid of, all over your legs... and you keep wanting to reach down and scratch your shins and calves, but of course you look silly reaching down and lifting your leg up after every 7 steps to scratch the fuckers...
I honestly dont even understand why you'd shave them.. hair IMO is a much more slippery surface than your skin itself... and when swimming does it REALLY make that much of a difference? I'd just give up and get a full suit thing...