I shave the balls and the shaft. The pube I trim to 5-10mm. The only discomfort I get is when the growing hair is very short; maybe half a mm, but then my hair is quite soft, so the itching part is short lived.

Sometimes I use depilation cream for sensitive skin. It's a supermarket-brand, so I can't suggest anything. Before I used another, a brand that I can't remember, and it was the only one they had without an advise that said it shouldn't be used on the perianal area (from the balls till the anus). I think it was for sensitive skin as well. The ones for the face (eyebrows etc.) are mild as well. With these I don't feel any burning and I have to let it stay for much longer than the maximum time written on the product. The hairs are thicker than on the rest of the body, after all. For someone with very thick hairs, this might not work too well. Half burnt hair might be difficult to shave, but on the other hand it's very fragil.
Veet and other big brands itch and burn even on my back. I wouldn't even think of spreading them on an area that's very sensitive. The skin is more porous as well.
It's important not to wash the area with soap before. The skin's natural grease protects the skin. If the balls are sweaty or whatever, I rinse them with water and dry them before.