I'm no chick, but seeing as you wear a rubber while fucking hookers how much can this help? You know also that sounds pretty damn uncomfortable for the guy, and not that helpful to the condom either.
I remember listening to an episode of "Love Line" with Dr. Drew and Adman Carolla abot 5 or so years ago. Dr. Drew was interviewing a young man that had a recent "Prince Albert" piercing that developed into a flesh eating bacteria. He was lucky, he caught it before it killed him, and the surgeons only had to remove his dick, balls, and a portion of his groin. I know if I wanted to have sharp piece of metal shoved through my most prized possession, I would seek out someone who hangs out in tattoo parlors and makes a hundred dollars a day.
Id have you take it out so as not to rip the condom. And id insist on washing you with antibacterial soap. An open hole in your penis seems like a breeding ground for bacteria.
I've had my piercing for years and zero problems or uncomfortability. As far as infection, anyone could get an infection from nicking yourself on your zipper or dental work. Proper hygiene is a must. Condom or no, I do feel increased stimulation. It's not for everyone I understand that. Oddly enough, tattoo needles scare me. Go figure. Prime time, I would like an appeal on the fried chicken blacklist.