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"bold-faced lie" and "bald-faced lie" are both valid expressions. The original expression is "bare-faced lie" but they're all pretty similar to each other.
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Yes but only one of them makes most people who hear it think you don’t know the expression you’re trying to use. There’s no objective reason it has to be this way, but it is, and at least personally I appreciate being told when I’ve got something stuck to my back.
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bold-faced lie is just the usual English drift that was actually questioned as incorrect when it first surfaced. If a lie is bold, you don't have to suggest that the user's face is bold when doing it. You can in thirty seconds of google searching find numerous sources explaining that "bold-faced" is a malapropism.
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It's the usual English drift perhaps, but "bold faced lie" has been used since the 17th century, which is also apparent from "thirty seconds of Google searching". Three hundred years is enough usage for me to count it as correct.

On a side note, "bold faced" does not mean the persons face is bold, only that it is said boldly, which implies a level of rudeness that "bald-faced" or "bare-faced" does not.

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Colloquialisms and slang have unstable meaning over history, location, and cultures.

Generally, something to be avoided by people striving for clearer communication. =3

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They are also lying, it is an Italics-Faced lie... thank you, I will see myself out. =3
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