Unless you've got really thick hair, I have always found that bleaching is the best option, particularly if your hair grows fast. If you're waxing, you'll end up having to bleach anyway, since you have to wait until the hair is long enough to wax.
And if you are only waxing one part of your face, it will just look wrong to only have one section without any hair at all.
Anyway, I don't think it's the female moustache that's a big problem. When the hair is growing on the chin and sideburns it looks much worse.