I conducted a study a few seasons ago on the effect of leg hair and how it correlates to pain around the shins and boots. I shaved one leg from the knee down, entirely removing all the hairs until it was silky smooth. This can clog your shower drain, just a warning if anyone out there wants to replicate this experiment and add some more data points.
After three days of riding, I concluded that leg hair has little to no effect on shin pain. What instead happened in my case was that the sock tended to bunch, creating ridges that I deemed to be the direct cause of pain, via multiple small pressure points digging into the tender flesh in my shins when I leaned forward and drove the ski. This occurred in both boots, shaved and unshaved making no difference. In the shaved legs case however, I did notice that infrequently the skin itself would rumple, causing much pain. I hypothesize that as the interface of wet sock / leg goes, there is a semi-viscous layer of fluidity created by the leg hair, as it acts as a medium for slippage and movement between the two surfaces. Without leg hair, it seems much akin to running a transmission without oil - without a proper medium providing lubrication, more friction is observed, in this case leading to more bunching and pain.
These results must be taken with a grain of salt however, as this is one persons experience over three days with only one type of boot. More data will be needed before this data can head to publication in a noted journal (SBC skier, Freeskier, Journal of Minor Trifles of no Real Consequences).