I have thought about this, but after going through the ugly stages of growing out my hair more time than I'd like to admit, my answer has to be no. I would happily do a fun run or something to that effect to raise money.
No, I wouldn't because I don't like gimmicky sponsor-me-to-do-something-silly events. I have stopped sponsoring people doing all sorts of things. If someone wants to shave their hair off, fair play to them. If they have a cause dear to their heart that they would like me as a friend to support, then tell me about it and I will most likely support it. But give money because they've shaved their hair off? Give me a break!