I'd say the line is more nuanced than you propose-- I like both meanings, and I think there is also the sense of "beard" as an sham escort who conceals the true sexual identity of someone. (Which reminds me that people used to refer to Ed Koch and Bess Myerson as The Smith Brothers.)

No doubt the way to play it is in the broad, burlesque manner you suggest, because you should never cut funny. Even so, the brilliance of the line is in the layers of ambiguity.

outsidecounsel:

I'd say the line is more nuanced than you propose-- I like both meanings, and I think there is also the sense of "beard" as an sham escort who conceals the true sexual identity of someone. (Which reminds me that people used to refer to Ed Koch and Bess Myerson as The Smith Brothers.)

No doubt the way to play it is in the broad, burlesque manner you suggest, because you should never cut funny. Even so, the brilliance of the line is in the layers of ambiguity.

I have trouble fitting that interpretation to the line. Was the phrase "beard" used that way in Shakespeare's time, anyway?

Yep, outsidecounsel is trying to bully a 21st century meaning into a 16th century line. The word "beard" denotes pussy hair. Those guys were just as dirty and obtuse as we are and if you have any doubt, read a little Chaucer from the 14th century, that should drop the scales from your eyes.