It will restrict your gameplay, assuming you decide to keep your title. If you were to give it away to a friend or to sell it, then you'll be no different from a Gentry, a very rich Gentry.
If you decide to keep it, you'll have the duty of governing your Town and County, and will have extra spirit lost when you die. Counts will lose about 8 times more Spirit I believe.
As for the hair, hopefully the graphic/physic designer will know more about that.