Wiki and other sources suggest that the notion of Prince Albert having had one of these was pure invention by a man named Doug Malloy, an American who had a lot to do with the renewal of interest in body piercing.
As such, it may not meet with the approval of Queen Elizabeth.
Getting expert advice on pain and placement can be obtained by speaking with your piercing professional.
While derived names can be of equal importance to original, there is an that they are not; for an example of the argument and its acceptance, see.