The Alter Rebbe describes (Start with the ד there and continue) the difference between the Leviim who were completely shaved to prepare for their service in the Mishkan, vs. the Kohanim who kept their hair and beard when anointed.
In very short, baldness represents the level of סובב, transcendence where the highest of spiritual levels and lowest of existence is equal before G-d. Hair shows drawing down such high spiritual levels into levels which are internal and appreciable.
To give an analogy (which is referenced in that location, but appears in various places in Likkutei Torah at length), doing Mitzvos in this world connects to סובב - transcendence - or higher, but is not appreciable. Gan Eden is where we can appreciate the spirituality, but it is therefore much more limited, so that it doesn't overwhelm us. This is why the Mishna says יפה שעה אחת, it is better to have one hour of Teshuva and Good Deeds in this world than the whole World to Come, even though it says that this world is only a preparation for the World to Come, because in this world doing Mitzvos connects to a level unattainable if it is appreciated, and more can be spiritually accomplished here.
Baldness represents that transcendence, whereas the hair represents the idea of revealing that spirituality in the world. The hair is very distant from the life of the body, as represented by the fact that it can be cut off without pain, similarly the spirituality drawn into this world is very distant and much lower than its source.
Korach's failing was that he didn't recognize that his spiritual station was to elevate things into the spiritual (Gevurot - strength, the idea of song, which is what the Leviim did in the Mishkan) and connect with the transcendent and instead wanted to use his spiritual connection to draw down such high levels into the world, which would have been destructive - causing excessive judgement - when the world is not in a state to be able to take such revelation.
See here towards the end where he speaks to the same thing, and explains Elisha's baldness in this context as representing the good aspect of what Korach was trying to accomplish. Footnote 6 there is basically speaking around the same concepts as above.