In terms of where you want the cut, there will be a number of options open to you, once you have sufficient skin. You idea seems very plausible, it's just a case of finding a good Dr and you can run through the options with him. But as long as you have enough skin to work with, he should be able to do what you want.
Yes, electrolysis will work, but the will never be a perfect match. With sufficient new shaft skin, you can decide what you'd prefer. You could get electrolysis now and see if you like it.