Bro I've been competing since the mid 80's during the AAU days and my thoughts:
Hot wax, the good is is lasts for about 6 wks, you are smooth as a baby's behind. The bad is it hurts worse than doing 50 sets of forced reps.....I had it done at a beauty school with students and I swear half them were man haters.
Razor....lots of bumps and nicks, but when the dust settles, not a bad thing but the stubble starts within 2 wks or so
Shaver....for my last shows last Fall, I bought a Peanut a small electric shaver for about $50. But I also paid my haircut lady $100 to lather me and razor me first, then I used shaver for the contest 3 wks later. This is the way to go IMO. Even bypassing the shaving/cream part is OK. Sure with electric shaver only, it grows back in a short time but its painless and you look sleek afterward.