E: 1.87, S: -7.65
Lyndon Johnson: our second-tallest president also had a receding hairline. Tall trumps bald.
I've done some research and found that we have had five particularly bald presidents: John Adams, John Quincy Adams, Martain van Buren, James Garfeild, and Dwight D. Eisenhower.
We have only had three particularly short ones: James Madison, Martin van Buren, and Benjamin Harrison.
Also, of the presidents in my lifetime, only Jimmy Carter has had average height (69 inches). All the rest have been well over that. In fact, all except Richard Nixon have been at least six feet tall.
But several have been balding. Ford, Johnson, and Nixon all had receding hairlines. (To be fair, Ford never was elected to the office of president, but he was elected to some office so we'll leave it.)
On balance, I think short is worse than bald, at least in US politics.
In other countries, it doesn't seem to be as big a deal: Il Cavaliere (Silvio Berlusconi) was going bald and is very short (65 inches), for example, and not only was he a three-term prime minister but also a major player. I guess it was the beautiful neckties and silk suits that won them over. Say what you want about Il Cavaliere, but he was a smart dresser. Also, he knows what women like.