I didn't shave for the first year or so of growing body hair, but I think the school told my parents that I was getting bullied for it -- which I was, but I had never seen the need to shave it, it didn't seem right -- and she made me start shaving. I kept it up, badly, for a year or so, and then gradually stopped because I didn't see the point, and it was too much effort. Since realising that I was trans at fifteen I have shaved only when I was in a situation where I was worried about people noticing and starting up the bullying again, pretty much only for rugby matches where I had to wear shorts.
The only thing I shave is my face, and I trim down below.
I think that leg shaving is a little bit "gay", but I know a couple of people who shaved their armpits and weren't thought of as gay. I think its more a combination of someone's mannerisms as well, if someone's more feminine in their mannerisms then people will probably pick up on the shaving and decide to rib them as gay. I know several people who also shave/wax their chests, and at least one swimmer who shaved their legs. No one really thought that much of it.