I shave my legs. I never see anyone glancing. 95% of the people I talk to are incredibly surprised upon learning that I'm gay (despite the fact that I'm pretty effeminate) and that hasn't changed since I started shaving, so I wouldn't worry about anyone assuming anything.
And if anyone ever DOES hassle you for it, just say that you're a cyclist, a wrestler, a swimmer, or a participant in pretty much any sport. You can also just say that you do it so people can see your leg muscles, which is a pretty damn manly reason.
As for the actual physical result, -I- like the way it looks, but I'm obviously not your target audience. Girls I know tend to be split on the issue, though it seems like yours is pretty decided. Do note that it takes some upkeep. Given that you shave everything else, I doubt it'd be a problem though.
Useful information for men: if women ever complain to you that shaving their legs is way worse than you having to shave your face, they are lying bitches. Never accept such an argument.