I admire the devotion
I admire the devotion and the ethic of wanting that sort of complete submission. I say, go for it. Or... maybe try it at increasingly longer intervals. Sign a contract for one month, renew it for three months if you are still committed, then six months, then a year or more. Perhaps an annual renewal?
In practical terms, you would have to take medical situations and travel through airports into account in your contract. Personally, I like the idea it not coming off ever, unless you are going for a medical procedure that requires access to that part of your anatomy. As for airport security, they won't keep you from getting onto a plane with it. But it might take a while to get through security as they might have to examine it in private.
For myself, I prefer another to be in charge of my orgasms and to have to earn them. The standard should be very high. In a real relationship, I have been kept chaste with no device. I simply was not allowed to cum without permission. Permission was never given more than once per week, but once per three weeks or so was more typical. I had to perform exceptionally in order to earn it. By about the 10 day point, I was always dealing with a hypersensitive penis, and numerous spontaneous erections during the day. More than once, I woke up in the morning with a throbbing erection which was about to shoot on its own. I had to will it not to.
My partner knew that I would never break my word. My work required me to change clothes with others and be in diving gear and a swimsuit often with others. I was also extremely active physically. A device that locked on was not practical.
I have never been locked up by another. I hope to find a keyholder.