I have had a Prince Albert piercing for a number of years. I too had a very strong urge to have this piercing and for some time. It was a very strong urge indeed. My piercing didn't cost me anything, as I did it myself. It was painful, but so is childbirth, so you will have to get over it. I would say that it is less painful than piercing the nipples. Infection control is about just keeping it all clean, changing you undies daily and making sure that any piercing equipment is sterile. Remember, urine should be sterile, unless you have a bladder infection
I suppose the biggest issue is urinating. You will have an issue with a bit of metal deflecting the flow, but it is not unsurmountable. Also, as a naturist, there is a  still in the UK a widespread antipathy to piercings below the waist. At least it can be removed easily unlike a tattoo. It does get noticed. Some ask with some embarrassment, others are less embarrassed and just admire. 
How it feels for others, you would have to ask others. probably a good idea to remove anywhere near teeth.
I hope that helps.
I really wanna get my cock pierced so bad lol. How much did yours cost, and what are some tips for care/cleaning/infection prevention? Does it make masturbation/topping feel good? Does it feel good for the bottom?