Oh, this isn't any ickier, just the next logical segue
I too considered a peircing in the private parts. The peircer I talked to assured me that every girl is shaped different, and the best peircing is governed by anatomy. That also comes into play here- every woman has to consider her saddle and her position on it before adding something new in there. Which is why I haven't done it yet. Or maybe it's middle aged inertia setting in?
I personally would go for a hood peircing over a labial ring, but it just seems to me that the ring would be placed in a good position to make riding hell. That's me. I like a saddle with a full cutout, so the hood peircing would be left alone. And it's supposed to have a cheap thrill factor >D.
I wouldn't be at all surprised if there's plenty of women riding with a crotch full of metal, but where it goes needs careful consideration. And look at it this way; It doesn't cost a months rent and if you hate it you can just take it out.

Lizzy