Easy for me to say, since I'm hairy AF and I've been able to grow a full beard since I was 16 (The way my mom puts it, the men in my family all have beards down to our feet), but I've known a lot of guys who couldn't grow much of a beard until later in their 20s. There may be hope for that yet. If not, well, I don't really associate baldness or shortness with twinkdom.
BTW, I'm 5'3", and my bf is 5'2", so there's nothing wrong with being short! And although he has a full head of hair, I of course do not, and nobody has given me any more grief about being short and bald, than he does for being short and having hair. On the contrary, everyone could see exactly where I was balding before because they all were looking down at my head. Now they can't see it anymore. :-)
As for the "is bald attractive to other gay guys" question...YES. It is. Can't help but notice how much more often my bf likes to rub my head since I went for it, and I get more attention when we're out and about, too.