I think @KatieByTheSea and @SourPenguin have covered most points already, but I'm am pierced down there with a VCH so I can just add to this.
I got mine done in my early 20's, now in my 40's. I would only want a female piercer for this, although have had mine nipples pierced by a man. Obviously only go to a reputable piercing shop with great reviews. Mine was done at Thou Art in Sheffield, not sure if it still there as we have since moved overseas. They should do the cotton bud test, to check you have enough room under your hood for the piercing to fit. It did for me!
Why did I want it done? I thought it looked nice and pretty, a friend had got it done, my boyfriend (now husband) thought it would be the coolest thing, it seemed a bit naughty and maybe it would 'enhance things' down there.
Did it hurt, YES, it frickin hurt. A sharp pain then throbbing after. Much more pain in the split second moment than nipples. But it healed very quickly and I have never had a single problem with it in 20 years since then.
Was it worth it? 100% yes. I looks great, it's my little secret down there and a wand vibrator placed on it is the best thing I think I've ever felt. So my advice is to go for it!