Yes, there are a couple of people selling 5% Spronolactone lotion for male pattern baldness. You can probably get it made at any compounding pharmacy with a doctor’s prescription, too.
I am not aware of any published studies discussing the efficacy of this product when applied topically. It has been shown to help reduce male-pattern baldness and androgenic alopecia in women when take orally.
As far as body hair, ther is no published data on that either, although it has been demonstrated to help when taken orally. The effect is gradual and occurs over months and years. I myself took oral spironolactone for about two years and found it helped reduce my body hair by reducing my testosterone levels.
If you believe you may have a hormone imbalance or PCOS, it’s very important to get an official diagnosis before using a prescription drug like spironolctone.
Although some people are willing to give a topical product a shot, I recommend waiting until there’s some published data on effectiveness before spending a lot on a product like that.