Hi,
If you are really in a situation where you have to choose between HRT and hair removal, I also believe HRT would be the best starting option, mainly because it should simply makes you feel better.
However there are also some very practical benefits. When it works well, apart from bringing more softness to your face, change in skin texture and breast growth, you should loose a lot, if not all, of your body hair. (I, well into my fifites, lost just about all of my body hair). That means less work to do using other techniques.
However, if I was you, I would certainly do something about facial hair before making any attempt to go full time. It depends of course on the color and denisty of your facial hair, but beard shadow is a real give away. Also, trying to do beard removal after going full time generally means letting it grow for a few days before doing whatever, laser removal or electrolysis. That is also a very big nuisnance when trying to life full time as a woman.
Think it through well as these issues can come back to haunt you if under-estimated up front.
Warm regards and best of luck.
Donna