I've tried this technique, just ends up double-irritating my skin. so far the closest shave with the least irritation is actually using a women's multi-blade razor (not men's, no clue why).
it's still not ideal, though. I'll have to try the makeup-over-stubble thing some time, maybe that'll at least help visually!
unfortunately laser hair removal is way more expensive than I have the spare cash flow for. really hoping the Sphynx comes through and is reasonably simple to learn to use.