I've created 37 different facial hair styles, each in the 5 hair colors. The files are named beard_#_#_(name).png. I've included in the zip file a sample of what each new facial hair looks like in the file, FacialHairMap.jpg. You can set the frequencies for how often each type off facial hair will appear in OOTP by going in-game to Game\Game Setup\Player and Picture Options\. Remember to hit enter after setting each value.
I've also created 3 new hair textures for the game, each in the 5 hair colors: elvis (long sideburns), metro (medium length), and metro thin (thinner version of metro). Only 3 because only the sideburns can be seen on new hair textures. Each of these new textures includes a shading to represent the shadow the player's hat would cause. I've also included a replacement version of the default hair including this hat shadow. THIS FILE WILL OVEREWRITE YOUR DEFAULT HAIR FILE. I've included a sample of what the new hair (or sideburn) styles would look like in the file, HairMap.jpg, inlcluded in the zip.
There is currently no way in OOTP to set the frequency of the hair files. If you would like the game to use the default hair more frequently than the added hair files, make copies of the default hair files (5 of them for each of the 5 hair colors) and rename them hair_5_#_short.png, hair_6_#_short.png, etc. To my knowledge, the game selects a hair file randomly so if you add 2 more copies of the default, then about half the players would have the default hair and half would have one of the three new hair files.
The filenames for all the files I've made were left in lower case. This should help you denote them in-game.
The grey hair files turned out kinda meh, but you can't win them all.
I'd also like to thank Hillyer Roe and Albin Spector for modelling most of the hair styles.
The file is a whopping 45Meg. I've uploaded it here:
http://putstuff.putfile.com/63739/1274452
I'm hoping PadresFan and the OOTP Mod Squad can put it on their websites. Actually, anyone else who can host would be greatly appreciated.
I hope you enjoy the mod. Any questions or comments, let me know.