Didn't Jena Jamison have some thing like that done?
Not being a doctor What I am saying would be only speculation.

I would think that over time the clitoris would lose allot of sensitivity much like a Male uncircumcised cock is very sensitive verses a uncircumcised cock.

Now while I am the owner of a circumcised cock. I do not go around comparing them. It is just what I heard.

I would highly recommend seeing a qualified Gyno verses a 2 bit whole in the wall Piercing guy. But that is only my unqualified opine.

a year ago or so there was a thread on the subject i think of female genital mutilation and there was a link that was posted on the subject that was very informitave. I used to have it in my favorites but alas most are gone after my system crashed abut 6 months ago.
I would think if you do a google search you would find what you are looking for.