I shave off everything before a big meet. Even pubes because they can poke through your suit and cause drag. I find that to be bullshit, but hey, if it has a chance of making me faster
But if you don't want it to itch as badly, use some lotion on the shaved area and when your shaving, shave with the grain, if you don't you can gash your skin. Quite embarresing to tell your mother that when you aren't a swimmer. Lucky for me eh?