The clit shield in the BME picture above is held in place not just by the horizontal piercings, but by an Isabella piercing that runs vertically, enters above, and comes out beneath the clitoris. That's the dangerous piercing I was referring to. I believe the point is to provide a crossbar for the horizontal piercings, so the shield stays elevated and cannot make direct contact with the clit. Not that it may matter much anymore since the Isabella piercing.
Steelwerks made a clit cover once:
http://steelwerksextreme.com/blog/?p=1605
If your goal is to limit sensation a bit, so you can get teased but it is very difficult to get off, then your approach sounds reasonable - and very hot! Now you're making me wish my wife was into OD as well. Ideally, I'd love to keep us both teased, but she loves to orgasm too much, I can't understand why.
If I were a woman, I'd like to stay teased just like you describe - and I probably wouldn't want my clit shield to ever come off.
I always thought you might be able to do something interesting with a thimble or similar type device, or maybe a silicone mould. With a plaster cast of your actual clitoris, you could create a mould that form-fitted exactly you your clitoris, mount it inside the thimble, and secure it in place with either horizontal or vertial piercings. You'd need a pretty large hood to secure it with a vertical piercing I think.
But the deviant thing about this is because the silicone mould would be an exact fit, you wouldn't be able to get any rubbing sensation at all. Hopefully I've given you something to think about!
In any case, welcome, it's cool to have a woman here who has the same feelings towards orgasm denial that we have and a totally new point of view. Most of the folks here seem fairly vanilla (or maybe not, I'm kinda new here myself), and the biggest problem tends to be explaining the whole concept to the other half.