I just shave my pits and face. The only reason I shave my pits is because I'm not passing in college right now because I don't have enough male clothes. (It's not fun doing laundry so often.. not fun at all) I'm slooowly building up my wardrobe... Thank heaven for thrift stores!
I haven't had any razor burn from shaving my face, though. And, I even shave it dry when I'm in a rush, so, I guess maybe I'm just a special case?
My GF who's MTF said that lady shaving gel makes her face break out, I think it's cuz it's scented.