I did this season.
I decided to make this as scientific as possible, and after 7 days with it, I feel its probably time to come through and report.
I get terrible shin bang. Its mostly due to my boots being a full size too big and me having to wear hella socks to fill it up. So I decided at the start of the season to try shaving a leg. Left got the treatment, right was the control (unshaven). Shaving a leg is difficult, I have to give you girls props on that shit. I spent 15 minutes in the shower with a razor, clawing huge clumps of thin leg-hair off the razor and the drain. It was still patchy when I was done, but whatever, it was smooth up to sock height.
Now, I just shaved one, which of course was popular with the ladies. However, after three days on it, I really didnt observe any difference. If anything, my sock slid down more easily (happened once, may have been a fluke), and no difference was observed in calf/shin pain - it was still about equal. The theory that I was going with was that the leg hair was catching on the sock and pulling my skin when the boot flexed, causing bruises... but I guess hair doesnt make a difference.
In conclusion, I shaved the other leg to match a few days ago. The left one is getting some stubby growth back, but its partner is bare and smooth. I got hella razor burn too, that alone may be enough to dissuade anyone from trying this - the only thing worse than razor burn is razor burn in your boot.
CONCLUSION - Hair doesnt effect my shin bang.