If you're getting chafing, then something doesn't fit - shorts, saddle or both. Lubricants (chamois creams) can help, but they shouldn't be your first line of defense.
It's pretty rare, but there are a few people who are comfortable wearing underwear with cycling shorts. But honestly, if you're okay wearing underwear when you ride, there's no reason to spend the $$$ on cycling shorts! The purpose of cycling shorts is to put a seamless, chafe-minimizing chamois between your tender skin and the saddle.
Are you on the same saddle that you had on your other bike? Do your measurements indicate that the saddle would be a good fit in a more aero riding position? Not that that would necessarily solve your problem, since a different riding position often necessitates a different saddle - but if I were you, I'd start with what worked for you before (whatever you wore on your other bike, and the same saddle with the same tilt) and work from there.
I think that IF you don't need a cut-out and IF you find a saddle that fits you perfectly, then in that hypothetical utopia, you'd be able to sit on as many seams as a seamstress could fit between your legs. 
But many of us need a cut-out, many of us are still searching for the perfect saddle, and for many of us, no mass-produced saddle will ever be absolutely perfect. You just have to make a decision as to what's close enough for comfort, close enough to ride until the next try.
Last edited by OakLeaf; 07-07-2010 at 06:39 AM.
Speed comes from what you put behind you. - Judi Ketteler