I live in a family where no joke is off the table. We're all a bunch of sarcastic hecklers, women and men both. We mock each other, we make offensive jokes, etc. The thing is, we all know it's all in fun. No one is being mean or taking anything seriously, no one is getting hurt. If a line does get crossed, an apology is made and it's made clear it was just a joke. It can be an intimidating environment, when my brother's wife joined the family she had some difficult acclimating at first, but now she can dish it with the best of us.
See, the soul of it is we all know we truly and deeply love each other and would never want to hurt one another. We feel safe with each other, and we can sit around, drink and laugh all night and it's a really strong bonding experience. We're all very close.
So I know, without a doubt, that if my dad found out I was shaving my chest he would tease me about it. I might get a little embarrassed, but I wouldn't be hurt.
From the outside I'm sure a lot of people would be appalled at the way we talk amongst ourselves. It's not politically correct, it's bawdy and crude, and there's a lot of crass language. Sometimes it would probably appear mean or disrespectful. I call my dad an A-hole pretty much every day, or tell him to F off, but it's always in good spirits. That may seem strange, but it's our dynamic.
My point is, I know my relationship with my dad better than anyone, and that makes me the best judge in how to deal with him. I'm guessing the same is true with you. You know your dad. Ask yourself how you think he'd really feel, and do your best not to project your fears onto him. Try to be fair. Only you can decide how best to deal with him.
In my case, I feel sure my dad could never hate me. I'm still scared about "coming out," because I'm afraid he won't understand and he might get uncomfortable and find it difficult to relate to me. That would hurt because we're so close. But I might not be giving him enough credit, and I know for sure I have nothing to really fear from him.
I hope that helps some, and good luck with wherever your path takes you.