Like you I suffer from terribly sensitive skin. Waxing and shaving are both torture for me, especially afterwards as my skin reacts. The solution I have found is vast amounts of Aloe Vera.
What I now do is the following: I shave with a clean blade each time and instead of using just a soap, I use Johnson’s baby oil with Aloe Vera. This makes the shave very smooth and results in the minimum of irritation. I always shave in the direction of hair growth and only then go against the growth where I need to.