Do not mention anything about her lip hair. I have dark hair and I have lip hair that tends to be noticeable in certain light but I bleach it so its not as noticeable. I had a boyfriend one time who said something in some bright store one time and to this day I'm STILL self concious about it. Its hair, its not a mustache, and its SUPPOSE to be there.
Sure, why not? Why don't you tell her all of her flaws while you are at it too, like if one boob is bigger than the other or if her eyes are too close together. Girls love it when a guy tells them how f***ed up they look.