Along the lines of what you and Roy said:
Once upon a time, I did something very similar. I didn't tie my hands. I went to bed each night wearing a pair of briefs, followed by a pair of tight longjohns, then a pair of athletic shorts with drawstring tied tight, then a pair of sweats also with drawstring tied tight.
I remember around early college age feeling hypersexualized, and every time I got aroused which was often, I would feel out of control, conflicted and it would bring on anxiety attacks and bad feelings about not being able to talk to women. What I decided to do to combat this was to wear an athletic supporter all the time. I know that sounds weird, but I felt much safer with it on. (I didnt put the cup in though) I didn't have to worry about getting erections constantly from the lack of activity caused my sharing a room with first 3 and then 2 other people. It kind of numbed me out down there. I guess it works kind of like an ace bandage. When I didn't feel arousal, I didn't feel bad about myself. It also made living with roomates bearable, because I didn't worry that I would wake up in the early morning "beating the wizard" as they say (which was often the case at home).
I don't think wearing it was very good for the circulation. Also the best friend of the girl I was in love with noticed I was wearing it every day, and I was very embarrased. But in a way I felt better because I was letting her know something wasn't right with me in that department, which might explain to her why I never "closed the deal with her friend who flirted with me for 4 years. She kept telling me I should go to a doctor if I had a problem down there. I did feel like there was something wrong with me connected with that part of the body, and wearing it seemed to magically make the bad feelings go away. The truth was at the time I really didn't know why I was wearing it, I didnt remember the abuse for 14 more years. I only know that things in that department seemed more under control.
Anyway I don't recommend it, I just wanted to let you know that you guys are not alone based on the portion of your post I quoted.